Salaries for banks’ risk and compliance officers in Singapore and Hong Kong rose at about twice the pace of pay for similar positions at New York and London firms amid a shortage of skilled staff members, a recruiter said.
Bloomberg reports that pay excluding bonuses for people who changed jobs in the Asian cities rose as much as 20% this year, compared with 10% in the Western hubs, said Neil Owen, a director for Robert Half International in London.
A senior official in Singapore is paid as much as $201,000 annually, compared with Hong Kong’s $232,000, London’s $281,000 and New York’s $323,595, data compiled by the firm show.
The faster wage gains reflect the smaller pool of experienced professionals available in the Asian cities, Owen said. It also underscores the rise in demand for such skills as policy makers globally tighten regulations on banks’ capital buffers and crack down on offences from money laundering to rigging of interest rates. Pay for risk and compliance officers rose more than for other finance jobs in 2013, Owen said.
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