- Global finance chiefs to face tougher China questions at Hong Kong summit

Global investment bank and asset manager chiefs are gathering in Hong Kong next week to redefine their position in China’s economy and its offshore financial hub. The Global Financial Leaders Investment Summit, hosted by the Hong Kong Monetary Authority, will feature top executives from Goldman Sachs, Morgan Stanley, Citigroup, HSBC, Standard Chartered, Blackstone Group, Carlyle Group, Citadel, and others. The event’s main theme is “living with complexity.” This comes as Hong Kong has experienced job losses in the banking and asset management sectors due to the slowdown in China dealmaking and increased regulatory control. The executives attending the summit are interested in understanding the performance of the Chinese economy and its potential impact on global markets. The Hong Kong Stock Exchange has seen a decline in trading volumes and IPO activity, while the territory’s assets under management have also decreased. Despite these challenges, senior figures in the financial sector are aware of the issues and remain committed to Hong Kong as a financial hub. The article also highlights a string of layoffs in the industry, including those at Goldman Sachs, Morgan Stanley, J.P. Morgan, UBS, Credit Suisse, and CPP Investments. However, there is still hiring activity in private banking, driven by wealth flowing from China to Hong Kong. While Hong Kong faces competition from Singapore, industry insiders believe it will regain ground in the future. The article concludes with information about the reporters and their expertise in financial journalism.