Singapore and Hong Kong financial services professionals satisfied with bonus as majority receive similar or higher payouts to previous year

9th April 2008 – The majority of Singapore and Hong Kong financial services professionals received a similar or higher bonus in the 2007/2008 bonus round than the previous year and were satisfied with their payouts, according to research by banking and finance recruiter, Morgan McKinley.

A survey of just under 500 financial services professionals working across the front, middle and back office was conducted in Singapore and Hong Kong with similar results recorded in both regions.

Singapore
In Singapore, 87% of respondents received a similar (48%) or higher (39%) bonus than the previous year and 76% reported they were satisfied with the bonus they received.

Hong Kong
In Hong Kong, 89% said they received a similar (51%) or higher (38%) bonus than the year before and 73% claimed they were satisfied with their latest bonus payout.

In both Singapore and Hong Kong, 75% of those surveyed stated their bonus either matched or exceeded their expectations.

Similar results were also recorded for the London market where the survey was replicated. These findings suggest that the global bonus pot was not as badly affected by the credit crunch and market volatility in the latter part of 2007, as some had anticipated.

Jeremy Canning, Country Head, Morgan McKinley Singapore comments;
“Whilst the Asian market has not fully escaped the impact of the US subprime collapse and the ensuing volatility of the world’s financial markets, these findings show that compared to the previous year, the majority of financial services employees still received a similar or higher bonus.

“Putting the areas directly related to the credit crunch aside, 2007 was a good year for financial services across Asia and bonuses appear to have reflected that. Whilst there was some uncertainty as to the size of payouts in the lead up to bonus time, the majority of individuals’ expectations do seem to have been met, if not exceeded. This indicates that banks managed expectations well and that they wanted to make sure that they kept key talent happy.”

Richie Holliday, Managing Director, Morgan McKinley Hong Kong comments;
“Despite current uncertainty in the global markets, development and expansion of the Asian economies continues. Alongside this, the financial markets in the region have been sheltered somewhat from the factors affecting financial centres elsewhere in the world. As these results show, the majority of financial services professionals received similar or higher bonuses than they did the previous year as the Hong Kong market performed well for the most part of 2007. In what continues to be a skills short market, bonuses continue to form a fundamental part of a bank’s retention and attraction strategy.”

-ENDS-

Further press information:
Allira Carroll
Tel: +44 (0)20 7438 3143 
Email:acarroll@imprintplc.com

Note to editors:
Survey results
In March 2008, Morgan McKinley conducted a survey amongst 481 financial services professionals working within investment banks and financial services institutions in Singapore and Hong Kong. Respondents included 279 individuals working in Singapore and 202 working in Hong Kong.

About Morgan McKinley
Morgan McKinley is the leading specialist in banking and financial services recruitment and operates from offices in Amsterdam, London, Hong Kong, Singapore, Sydney and Tokyo. Morgan McKinley is the preferred supplier for over 300 financial institutions across its UK and international offices.
 
Services include Contingency & Retained, Interim, Temporary & Permanent and Campaign Recruitment in the following areas:
• Alternative Investment
• Accountancy and Banking Finance
• Banking Operations
• Commodities
• Credit
• Global Custody
• Human Resources
• Investment Administration
• Investment Banking and Capital Markets
• Investment Management
• Legal and Compliance
• Private Wealth Management
• Risk Management and Quantitative Analysis
• Secretarial and Support
 
Morgan McKinley is a fully owned subsidiary of the Imprint Plc group, which comprises Accreate, ECHM, Imprint Search & Selection, WoodHamill Ingram, iQ selection and Morgan McKinley. Imprint Plc has offices in nine cities including Dublin, London, Windsor, Amsterdam, Dubai, Hong Kong, Tokyo, Singapore and Sydney.