Housing Allowance in Hong Kong
Hi Guys,
I recently received an offer for a first-year associate position from a japanese IB, based in HK.
I thought that all the IBs in HK offer housing allowances as their standard compensation packages.
However, the HR at the company told me they do not offer housing allowances to their new employees any more, and that most of IBs in HK this year won't offer as well.
The offer I received is global standard without a housing allowance.
Everyone I talked to, who currently works in hong kong told me that I need to get a housing allowance and companies still offer housing allowances to them...
Do you have any information regarding housing allowance (especially to new employees in 2010) in HK?
Thanks
I think there is one thread about that in the I-Banking Bullpen thread. You can look over there.
Congrats on your offer. I suppose it's Nomura?
Housing allowance over the past few years has slowly been eradicated from a number of firms in HK, including MS, BAML, GS. I am starting as an analyst at a BB there next fall, and my BB has been including the housing bonus so far up until this year, HR informed me that the it is currently "under review by management". Not really sure what's going to happen to it - they could follow suit and take it out of our compensation like the other banks there, but since the housing allowance is given to all levels (Analyst thru MD), there is a chance of it staying.
Anxiously awaiting to hear of the outcome, since having it taken away would mean USD24k (in cash) less in annual comp - a decent chunk of a 1st yr analyst's pay.
I was looking to transfer from NY to HK, but HR told me that I wouldn't get a housing allowance; I ended up in London afterall.
But then later during training in NY I met a girl that was slated to start in HK on the same position in the same department as I was (same bank obviously) and she did get a $2K monthly housing allowance. Go figure...
I'm pretty positive what dunston said is correct. I worked at a BB in HK over the summertime and heard many of the analysts complain about the housing allowance being taken away. The hope is that with the housing allowance taken away, the bonuses would increase to compensate, but who know...
Some banks give housing some don't. It's not $24k out of your pocket - it's just $24k less you'll get up front
All housing bonuses are given as a "total compensation" pacakge
meaning if an analyst standard package is $130k and you get 70k base and 24k housing you're gonan get only 36k in bonus
GS/MS/JPM do not give housing stipends but they just adjust up their bonus ... its the same thing
Hey folks,
Any updates on this housing allowance issue? I heard my friends who are relocating to Hong kong for FO positions in RBS and HSBC are not getting any housing allowances. My friend from DB seems to have no idea whether he is getting any allowances, but it is definitely not mentioned in the contract....
Anyone got updates on it? HK housing is really expensive, and easily eat away 20% of your compensation man!
i don't think all FO positions get housing allowance even before.
Bump.
Anyone know if BB's in HK will be providing housing stipends for next year's analyst class. In addition, are these stipends usually enough to cover housing?
Would like to know this as well...
^ yes, yes.
Of the ones that are confirmed:
DB, CS = 240K HKD (20k/month) JPM, Barcap, Citi = 180K HKD (15k/month)
Thanks
Is this just for IBD? or for S&T as well?
Housing Allowance/Stipend in HK? (Originally Posted: 02/08/2017)
Hi guys,
wanted to know if anyone knew about housing stipend amounts given to expat analysts/associates in HK?
somewhere in the ballpark of ~15k HKD per month for analysts, not sure about associates
is this also the case for S&T FT?
Our "housing stipend" is subtractable from bonus... Is it like that at your bank?
Can't really say since I dont even know the details/amounts of the stipend. Do you have any bank-specific info you could share for top BBs in general (i.e. which banks do or don't subtract from bonus)?
how much is the bonus in your bank relative to a year base?
Bump, would love to hear insight on this for the BBs and if it's subtractable or not.
Any idea in the base / bonus / housing allowance in BNP HK office? (Originally Posted: 05/19/2015)
My brother (two year corp banking experience) is about to negotiate the compensation for BNP HK vs. Singapore, hence would like to know what's the current pay level in HK office. Can anyone share? Understand that HK rent can easily eat 30% of your compensation hence would keen to know if there is any housing allowance currently in the market.
From what I have heard, GS in HK has housing allowance.
Am I qualified for housing allowance/relocation for HK BB for FT? (Originally Posted: 03/12/2010)
Hi, I just accepted an offer for BarCap in HK and I go to school in the US.
For my SA stint, they provide serviced apartment. I know that FT hires from overseas get housing allowance of around 20k per year plus some sort of relocation bonus when signing.
Now my question is, I am a US permanent resident (Green card holder) and Hong Kong Citizen (this is going to change before I turn full time because I am due for my US passport this december). But given that I dont need a foreign work Visa in hong kong either way, would I be eligible for the housing allowance in Hong Kong come FT? I actually dont have a home in Hong Kong if that actually matters...
why the fuck would anyone on here know this? go ask barcap dumbass
Yea as if I were gonna call up HR and ask them about compensation package for FT before I even start my SA you dumb fuck. STFU if you have nothing to contribute.
I dont think you should worry as long as the US passport is in hand before full time starts. just guessing
bump
Dude....you should really call and ask about the full-time packages. Ultimately you are doing the SUmmer Analyst role to get a full-time job. This is even more the case where HK rental is pretty high, and easily 20% of your basic salary at barcaps (im assuming you are in a FO position)
I know HSBC and RBS are not getting it...but they are tier2.
Let me know if you are getting it? For the purpose of statistics colleciton...hehe
Housing allowance in Hong Kong (Originally Posted: 11/02/2012)
I heard that non-local financiers in HK BB receive housing allowance every month in addition to their salary/bonus, but it seems not every bank offers this kind of benefit.
Does anyone know which bank has it for analysts? Is it only to IBD or to all FO functions? and around how much per month?
Thanks
pm-ed you
hey i know its an old thread, but could you pm me this info?
Could you please pm me too?
Are Housing Allowances really gone at BBs in HK? (Originally Posted: 02/20/2011)
Hi,
I have a lateral offer from a BB in HK in S&T as 1st year associate. Don't want to out myself so I'll leave it at that for now. PM me if you want to talk details.
Base is around 125k usd. No mention of any housing allowance. I know for a fact that the majority of people there are still getting housing allowances in the neighborhood of 30% of base.
Are they actually phasing it out or are they just trying to see if they can still hire laterally without paying the allowance?
I find it a bit offensive because if they don't give me any allowance while everyone around me has it , then it will mean that everyone is paid 30% more than me despite being the same rank.
Thoughts/comments/reactions/questions/insults all welcome.
If it is true, it's fucking ridiculous.
most ppl should stil be getting housing allowance over there. however, some banks have tried/in the process of phasing it out with new hires. its unfair but thats the only way to do it. i think GS actually have some classes that didnt get housing allowance (came in during downturn etc.)
housing allowance are all back - at the analyst level they range from 15k - 20k (HKD) per month. For associates, it should be 25k/month = additional ~300k/year HKD
housing allowance are all back - at the analyst level they range from 15k - 20k (HKD) per month. For associates, it should be 25k/month = additional ~300k/year HKD
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