Caixin
Nov 29, 2021 07:14 PM
BUSINESS

Global Banks Are Paying Up to Deal With Hong Kong’s Quarantine

Hong Kong's skyline as seen from the Peak on May 26. Photo: Bloomberg
Hong Kong's skyline as seen from the Peak on May 26. Photo: Bloomberg

(Bloomberg) — Companies including JPMorgan Chase & Co. are stepping up to compensate employees ensnared by Hong Kong’s strict quarantine regime as businesses in the city struggle to retain and recruit staff almost two years into the pandemic.

As most of the rest of the world is opening up, including rival financial hubs such as Singapore, London and New York, Hong Kong is steadfast in its zero-Covid approach, which includes mandating a hotel quarantine stay of as many as three weeks for returning residents and visitors. A recent survey found almost half of major international banks and asset managers are contemplating moving employees or functions out of the financial center.

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