Reuters/Bloomberg
Bank of America Corp. is looking at moving its staff from Hong Kong to Singapore as the territory’s strict dynamic Zero COVID approach is forcing the business to review its operations according to the Financial Times.
According to a source close to the bank, The U.S. based banking giant is reviewing relocating a number of roles and operations. As contingency plans are drawn up, it remains unclear how many people could be moved.
International travel to Hong Kong remains severely restricted for business professionals and travellers alike with further restrictions and lockdowns being enforced as the territory battles its fifth wave. Businesses have been warning that the city’s status as a financial centre is becoming increasingly precarious. Many businesses are struggling to attract top talent from overseas and retain staff as the city faces a brain drain.
Not without problems
Though not without its own exodus problems, Singapore is facing falling numbers of expatriate staff as they cite the tiny urban island’s strict pandemic rules and inability to travel freely as major factors influencing their decision to depart. Expatriate staff account for one-fifth of Singapore’s workforce and that number has dropped to its lowest level since 1950 since the onset of the pandemic.
Still, there has been a trickle of movement of expats and businesses to Singapore and the Lion City attempts to balance its living with COVID approach whilst remaining an attractive place to do business in the region.
Paul Arkwright
Publisher
