JPMorgan Chase, the largest US bank in deposit taking, committed 5,000 extra employees “to fix risk and compliance issues after a slew of investigations by regulatory authorities". HSBC also hired an additional 1,800 employees, making a total of 6,000 staff since the end of 2016 for its compliance operation. Similarly, Citi, another multinational financial institution, has engaged nearly 30,000 staff for internal control functions. 繼續閱讀
Can you imagine what Hong Kong will look like 10 or 20 years from now? By that time, can we still rely on the four major industries currently accounting for nearly 60 percent of GDP – trading and logistics, tourism, financial services, and professional services – and continue to enjoy prosperity and stability with a per capita GDP still among the world’s top 20, higher than Germany, Canada or the United Kingdom? 繼續閱讀
Have you ever wondered why Hong Kong as an international financial center is unable to produce even one financial technology (fintech) “unicorn"? That is: a startup with a valuation of over $1 billion. Meanwhile, mainland China has 17 unicorns with a total valuation exceeding $111 billion, according to Hurun Greater China Unicorn Index released last month. Two international consultants, KPMG and McKinsey, also confirmed China’s leading position in the global fintech arena. 繼續閱讀
