Banks bulk up in Hong Kong as China business overshadows politics

Banks bulk up in Hong Kong as China business overshadows politics

HONG KONG - Some global banks, funds and other financial services providers say they are stepping up hiring in Hong Kong, in a sign the city's unique position as a financial gateway to China is outweighing concerns about Beijing's tightening grip over it. Goldman Sachs Group Inc, Citigroup Inc, UBS AG and other banks are each hiring hundreds of people in the city this year, adding substantially to their existing ranks. Citigroup, for example, has said it is bulking up its staffing by 1,500 people, including additional headcount and replacements in 2021, double the number of people it hired a year ago. It has about 4,000 people in the city. A Goldman spokesman said the bank, which has about 2,000 people in Greater China, expects hiring in Hong Kong to be up 20% this year. The Securities and Futures Commission, Hong Kong's market regulator, is seeing a rebound in licenses it issues for people involved in asset management, securities and other financial activities, according to data on its website. The total number of licenses it issued was up 1.7% at the end of March, compared with nine months earlier, and just shy of an all-time peak in 2019. "Hong Kong