SocGen Traders Making Temporary Move From Hong Kong to Singapore

(Bloomberg) -- Societe Generale SA is temporarily relocating at least a dozen traders from Hong Kong to Singapore as the Chinese territory’s stringent Covid strategy spurs Wall Street and European firms to move some staff out of Asia’s largest financial hub.

The traders, who work across fixed income and equity derivatives, will be based in the city-state for at least eight weeks, according to people with knowledge of the situation. The moves will begin in April and it’s unclear whether the individuals will eventually stay longer, said one of the people, who declined to be identified as the details are private.

SocGen joins other international firms that are moving employees out of Hong Kong, either for short stretches or permanently. Expatriate staff are driving a number of the moves, worn down by rules that have isolated the city from the world and them from their families. Citigroup Inc. and JPMorgan Chase & Co. have also seen bankers move out of Hong Kong. Firms are reluctant to publicize the departures for fear of angering Beijing.

The French lender declined to comment. Conversations are also ongoing with staff keen to temporarily work from the Chinese mainland and Australia so they can see family, one of the people said. 

Hong Kong’s business groups have sounded warnings that the city is facing an exodus of foreign talent as its dogged approach to keeping infections at bay makes it hard to operate. The city’s government has only recently started to shift away from its tough Covid-zero stance after being overwhelmed by the rapid spread of the omicron variant.

Hong Kong’s severe restrictions on travel have contrasted with easing in a growing number of Asian countries such as Singapore, which is taking steps to allow vaccinated travelers to enter freely. Singapore also recently lifted a requirement to wear masks outdoors. In Hong Kong, it’s mandatory to wear a mask, even when doing exercise. Violators face a fine of HK$5,000 ($640).

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