Are you a corporate banking relationship manager in Hong Kong? Do you want to know how your salary and bonus stack up, to help you decide whether you might be better off at another firm?
We’ve averaged out 2018 Hong Kong corporate banking salary surveys from four recruitment agencies to produce the table below, which shows low and high base pay ranges (and bonus percentages) from analyst to managing director (MD) level.
The salary levels for RMs in our table owe much to the most recent hiring boom in corporate banking – 2010 to 2013 – when a competitive job market helped to push up pay, says John Mullally, director of financial services at recruiters Robert Walters in Hong Kong.
More recently, global banks in Hong Kong have been shedding underperforming RMs and there’s been enough talent on the market to meet banks’ needs. If you change banks, expect a pay rise of about 10% to 12%, says Jack Leung, a business director at recruiters Hays. That’s a far cry from the increments of 20% or more experienced earlier in the decade.
Top-performing RMs, however, can earn more than the market average and still snare decent pay rises. But demand is now focused on RMs with mainland corporate clients rather than local or multi-national ones. “People with large books of Chinese clients are best positioned when it comes to pay negotiations,” says Mullally.
Global corporate banks in Hong Kong – the likes of Citi, HSBC and Standard Chartered – still tend to pay higher salaries than their Asian rivals. But Asian firms are currently recruiting more aggressively and can offer better potential bonuses. “Bonuses for Chinese, Singaporean and Japanese banks in Hong Kong continue to be competitive. They have higher bonus ranges than US and European banks,” says Leung from Hays.
Corporate banking salaries in Hong Kong still pale in comparison with those in investment banking, as our IBD pay table shows.
Have a confidential story, tip, or comment you’d like to share? Contact: firstname.lastname@example.org
Image credit: amesy, Getty