Around this time last year RBS was busy cutting its Hong Kong headcount as the city became a mere sales office, mainly serving UK corporate clients doing business in Asia.
And as we reported then, several other banks were vying to hire people exiting the beleaguered British bank.
But where did these ex-RBS staff (and others who’ve left the bank in recent years) actually end up working?
To find out, we used online profiles to calculate the total number of former RBS people now employed at 20 global and regional banks in Hong Kong (to avoid skewing the figures, we excluded ANZ and CIMB because scores of RBS staff transferred to these firms when they bought RBS Asian units following the financial crisis).
We then ranked each bank according to its percentage of this total in order to produce the table below. For example, Deutsche Bank has 5.1% of all ex-RBS employees now working at major banks in Hong Kong.
While the figures in the table only reflect people who have public profiles (and include those who left RBS prior to its most recent Asian downsizing), they do broadly suggest where RBS professionals are now based.
HSBC tops our table – around a quarter of people with an RBS background in Hong Kong are now working for the rival British bank. Unlike RBS, however, HSBC remains a large employer in Hong Kong and makes most of its profits from Asia.
Such is HSBC’s dominance that no other bank had more than 10% of the total ex-RBS talent pool still working in Hong Kong banking.
More than 25% of former RBS staff work for US investment banks (J.P. Morgan ranks second in our table, for example). Unlike Singapore, Hong Kong was a hub for RBS investment banking and many of its former IB front-office and support staff are still working in the sector.
Despite the increasing flow of talent from Western to Chinese banks in Hong Kong, very few ex-RBS workers are now at mainland firms.
Two Chinese banks bring up the foot of our table, while many others have no staff who have previously worked at RBS, according to online employee profiles.
Image credit: zorazhuang, Getty