Hong Kong Exodus Forces Market Watchdog Staff Into 12-Hour Days
- SFC lost 12% of employees, 25% of its junior staff in 2021
- Overworked staff leave for bigger pay, more work-life balance
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Now even Hong Kong’s top market regulator is warning the city’s development as an international financial center is at risk.
After years of political upheaval and a deepening isolation because of Hong Kong’s zero-Covid strategy, the Securities and Futures Commission is struggling to police the city’s $6.3 trillion market. Grappling with a brain drain due to emigration and job switches, the watchdog lost 12% of its employees last year, including 25% of its junior professional staff, forcing those remaining to work 12-hour days to cover the workload, according to former employees.