For years, Hong Kong was a hotspot with plum jobs for overseas bankers as global firms hired aggressively. But many recently laid-off bankers in the city are finding that cost-cutting and a demand for Mandarin speakers have diminished the opportunities for expats in Asia's financial hub.
After Deutsche Bank AG announced plans for wide-ranging cuts this week, many employees worldwide are facing the challenge of job-hunting in a shrinking market. For foreign staff losing positions in Hong Kong, it could be harder than most.
Other international firms, such as Nomura Holdings Inc., have also cut jobs in Hong Kong. At the same time, the city's famously expensive living costs, including some of the world's highest rents, mean even senior bankers need to find new jobs fast in order to stay.