Just five years ago, finance industry professionals with Chinese expertise were sought after by firms from UBS to Citi. Their efforts helped generate more than $6 trillion in market value of mainland Chinese firms listed in Hong Kong and the US.
Now US-China geopolitical tensions have fractured capital markets. Hong Kong IPOs have dried up. President Xi Jinping’s push to step up data security and financial-market regulation has made it harder for Chinese companies to acquire assets or list overseas.
The damage is underscored by the barrage of layoffs by Wall Street firms, the retreat of global capital into the world’s second-largest economy, and the city’s diminishing role as an international financial center. Read how the bankers are re-evaluating their self worth and careers:
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