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Hong Kong stockbrokers’ bonuses shrink after 2021 market rout, while staff at banks including HSBC and Bank of East Asia reap the rewards
- Many of the city’s 600 brokerages will pay much smaller bonuses or none at all as the Year of the Tiger gets under way
- Meanwhile, bank staff are likely to be celebrating higher bonuses thanks to their employers’ more diversified income
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Thousands of Hong Kong stockbrokers are bracing themselves for slimmed down or nonexistent bonuses to kick-start the Year of the Tiger, after a months-long market rout that savaged their firms’ profits.
Many of the city’s 600 brokerages will be offering much smaller bonuses this year, and in some cases none at all, according to an industry body.
In contrast, staff at the city’s biggest banks including HSBC and DBS are likely to be celebrating higher bonuses. Bankers said the sector has benefited from the more diversified income they enjoy compared to brokers.
“Many brokers have decided not to pay any bonuses and to freeze salaries of staff this year as it is a tough time for the industry,” said Tom Chan Pak-lam, chairman of Hong Kong Institute of Securities Dealers.
Local firms usually pay bonuses and announce salary increases before or around the time of Lunar New Year, which will fall on February 1 this year.
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