We tend to view things through the lens of our own experiences: our careers, colleagues, and neighbors. Situations and circumstances are subject to change. Success and failure, prosperity and adversity, are transient phases that come and go. Even the most stable of situations can undergo unexpected shifts due to external factors beyond our control.
For some folks in the banking sector, employment is a significant concern. Finance professionals with Chinese expertise were highly sought after five years ago but now, job security is vanishing as deals dry up according to an article from Bloomberg that hit my desk.
Recognizing the impermanence of life can foster acceptance, resilience, and an appreciation for the present moment. It reminds us to embrace change, adapt to circumstances, and cherish what we have while we have it.
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When Eric Li lost his job after his family-office employer relocated away from Hong Kong, he knew he’d be facing a tough job market. He had no idea how hard it would be. Seventeen months on, Li is still searching. The bills are piling up, nearly HK$60,000 a month for rent and HK$1 million annually for his kids’ education. The worst part though is the fear, and gradual acceptance, that this is not even rock bottom.
Just five years ago, finance industry professionals with Chinese expertise like Li were sought after by firms from UBS Group AG to Citigroup Inc. Initial public offerings by companies like Xiaomi Corp. and Meituan bolstered Hong Kong’s status as a financial nexus rivaling New York. Their efforts helped to generate more than $6 trillion in market value of mainland Chinese firms listed in Hong Kong and the US.
Now US-China geopolitical tensions have fractured capital markets. Hong Kong IPOs have dried up as stock prices slump and economic prospects wane. President Xi Jinping’s push to step up data security and financial-market regulation has made it harder for Chinese companies to acquire assets or list overseas.
“I thought that China’s upward trajectory and the tighter ties between domestic and global financial markets was a norm and now I realize it might have been just a blip,” said Li, who has also worked at Citigroup. “That’s a scary thought.”
Nowhere is that pain more pronounced than in Hong Kong, the center of such deal brokering. The damage is underscored by the barrage of layoffs by Wall Street firms, the retreat of global capital into the world’s second-largest economy, and the city’s diminishing role as an international financial center.