Over the years, Chinese investment banks have gained a stronger foothold in Hong Kong's financial sector, surpassing their Wall Street counterparts in securing business opportunities. Following a wave of layoffs, these firms actively recruit former employees from global financial institutions.
In the past year alone, around 40 former bankers from major international institutions such as UBS, BNP Paribas, and others have transitioned to Chinese securities firms.
According to a Bloomberg report, six senior executives from multinational banks such as UBS and JPMorgan have joined Chinese securities firms over the past three years. Half of these moves occurred within the last seven months, including two former Morgan Stanley bankers.
Between February 2024 and February 2025, leading Chinese investment banks such as CITIC Securities, CLSA (its subsidiary), China Merchants Securities, and Haitong International Securities have been the most active recruiters. Nearly 40% of the new hires were former UBS or Credit Suisse employees.
This shift marks a reversal from previous years when global banks aggressively poached over 200 bankers from Chinese competitors to expand their business in the region. With Hong Kong's M&A and IPO activity expected to accelerate, Chinese firms now benefit from this talent migration.
Despite the influx of talent, making the switch comes at a cost. Salaries at Chinese investment banks are typically 30-40% lower than those at global firms.
For instance:
- A Senior Managing Director at UBS reportedly earns a base salary of around US$500,000.
- At China International Capital Corporation (CICC), a similar role offers a base salary of approximately US$300,000.
Beyond talent acquisition, Chinese securities firms have also secured the largest share of Hong Kong's investment banking business in recent years.
Bloomberg data from the past five years shows that only Goldman Sachs and UBS have remained in the top five for Hong Kong IPO underwriting among global banks. In contrast, firms like Morgan Stanley and Citigroup, which were once leaders in 2019, have lost ground to Chinese competitors.
However, Wall Street banks still dominate the M&A sector within Hong Kong's financial hub.
Several high-profile bankers have recently joined Chinese securities firms, including:
- Patrick Tsang, former UBS Managing Director, joined Haitong International as Vice Chairman in February 2025.
- Wu Ziwei, a former Morgan Stanley banker, started at BOCI Securities last week.
- Mr. Zhang, previously with Bank of America's healthcare banking team, joined China Merchants Bank in August 2024.
- Yang Shuo, formerly with Merrill Lynch, moved to China Galaxy Securities.
- Yu Hui, from JPMorgan, joined GF Securities in 2023.
- Xue Bing, previously with Mizuho Securities, transitioned to CLSA in 2022.
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