Salaries could rise by 10 percent in 2024…
In India, Finance professionals are in line for higher salary hikes than those in Hong Kong and Singapore in 2024.
It is underscoring how firms are tapping the nation's economic boom as China slows.
Salaries in India may rise by 10per percent in 2024, analyst Sarah Jane Mahmud wrote in a note Friday, citing survey data from consulting firm Aon. That compares with 4 percent in the two financial hubs.
HSBC Holdings Plc and Julius Baer Group Ltd. are ramping up their client advisory in the world's most populous country as they seek to manage a greater share of the nation's wealth.
Mitsubishi UFJ Financial Group Inc. is also expanding and DBS Group Holdings Ltd. continues to grow, the analyst wrote.
Investment bankers can already earn more in India's major urban centers such as Mumbai and GIFT City, the nation's free market zone, than in Singapore and Hong Kong.
The average base salary is 4.5 percent higher than in Hong Kong and 7.7 percent more than in Singapore, according to Bloomberg Intelligence's analysis of a survey by recruiter Michael Page.
Private bankers' pay, however, lags by 50 percent to 78 percent in non-executive roles. As India's wealth industry grows, that gap will narrow.
"Salaries will continue to rise given the large demand-supply gap at senior levels, as will talent for compliance, risk assessment and technology," in India, said Amit Agarwal, managing partner at search firm Stanton Chase.
Edited By: Arusha Farooq
The Brief. Sign up to receive the top stories you need to know right now.