Senior investment bankers in India earn significantly more than their counterparts in Singapore and Hong Kong, according to Bloomberg Intelligence. The analysis, based on a survey conducted by recruiter Michael Page, revealed that investment banking heads and directors in India’s key financial centers — such as Mumbai and GIFT City — are paid 24 per cent more than those in Hong Kong and 37 per cent more than their peers in Singapore.
This trend is being driven by global firms offering higher pay to attract top talent in India — the fastest-growing major economy in the world.
Indian dealmakers to get more salary hikes; Wealth managers still lagging behind
Indian bankers are expected to see salary hikes of over 9 per cent this year. In comparison, bankers in Singapore and Hong Kong may see increases of only 4 to 5 per cent, according to Bloomberg Intelligence analyst Sarah Jane Mahmud.
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While investment bankers are seeing strong salary gains, the situation is different for wealth managers in India. Their earnings still lag behind those in Hong Kong and Singapore by 47 to 58 per cent. This is only a slight improvement from last year, according to the report.
Rebound in M&A activity signals growing confidence
According to Bloomberg, the report also highlights that India is benefiting from a rebound in investment activity, even as global trade remains uncertain. Foreign institutions like Japan’s Mitsubishi UFJ Financial Group are continuing to expand their presence in India. Swiss bank Julius Baer Group also plans to triple the wealth assets it manages in the country.
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India’s relatively limited exposure to the US economy has made it an attractive destination for investors amid global trade tensions. Merger and acquisition (M&A) volumes have picked up, and dealmakers believe India is in a strong position to attract more money from global private equity firms and sovereign wealth funds.
As firms like Bank of America and Citibank increase their focus on India, the country is emerging as a bright spot in Asia’s financial landscape.
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