Hong Kong Experiences Financial Brain Drain Amid Covid Restrictions

Hong Kong experienced a higher outflow of financial professionals last year as the international financial hub imposed strict border controls amid the Covid-19 pandemic that stymied recruitment from abroad.

The Hong Kong Monetary Authority (HKMA) lost 7% of its staff in 2021, roughly double the annual average of 3% to 4%, said Eddie Yue Wai-man, chief executive of Hong Kong’s de facto central bank. Most of the losses involved professionals with technical expertise in the HKMA’s technology supervision department and digital office, Yue said.