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Investment bankers can now earn more in India’s major urban centres.
Financial professionals in India expect bigger pay increases than those in Hong Kong and Singapore this year, underscoring how companies are taking advantage of the country’s economic boom as China slows, according to Bloomberg Intelligence.
Wages in India could rise 10% in 2024, analyst Sarah Jane Mahmud wrote in a note on Friday, citing survey data from consulting firm Aon. That compares with 4% in the two financial centers.
HSBC Holdings Plc and Julius Baer Group Ltd. are stepping up their advice to clients in the world’s most populous country as they seek to manage a greater proportion of the country’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 centres, such as Mumbai and GIFT City, the country’s free market zone, than in Singapore and Hong Kong. The average base salary is 4.5% higher than in Hong Kong and 7.7% higher than in Singapore, according to Bloomberg Intelligence analysis of a survey by recruiter Michael Page. However, private bankers’ compensation lags between 50% and 78% in non-executive positions. As India’s wealth industry grows, that gap will narrow.
“Salaries will continue to rise given the large gap between supply and demand at senior levels, as will talent for compliance, risk assessment and technology” in India, said Amit Agarwal, managing partner at the firm. search Stanton Chase. Banks are paying more for business leaders, and salaries of more than $1 million are common for top managers, he said.
While India has higher income tax rates and weaker infrastructure than Singapore and Hong Kong, the lower cost of living is a benefit, the report said. The average monthly rent in upscale Bandra, Mumbai, is $1.76 per square foot, compared to $5.29 in Hong Kong and $5.09 in Singapore, according to government statistics, the report said.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)