A majority of Hong Kong's investment bankers receive higher compensation than their counterparts in Singapore, reports the South China Morning Post.
Emolument.com a British-based website that studies salaries and bonuses in the financial services industry, found that total compensation for Hong Kong's investment bank associates is 68 percent higher than in Singapore.
Managing directors in Hong Kong, who receive an average annual package of US$766,000, earn 37 per cent more than those in Singapore.
Recruiters interviewed by the Post believe the higher compensation is to make up for the city's tough work environment, a factor thought to have contributed to a suicide of a 33-year-old JPMorgan Chase employee in Hong Kong recently.
Demand for staff is higher in Hong Kong, where investment banks are continuing to hire to comply with regulatory change, while banks in Singapore have been sending some jobs offshore, recruitment firm Morgan McKinley says.