Here are some snippets from this FT article
Over the past few months Wells Fargo has slowly made a number of senior executives in Hong Kong and elsewhere in Asia redundant. The lender has scaled back in other locations in the region…
The plan is motivated by saving money from reducing Wells Fargo’s exposure to Hong Kong’s expensive real estate market, and by geopolitical uncertainty in the city and fears over whether this will lead to more onerous compliance issues, according to two of the people with knowledge of the plan.
Previously, Wells Fargo staff who were responsible for covering the Asia-Pacific region had been based in Hong Kong, but now many of these jobs are being advertised on its website as being either based in Singapore or offering a choice between the two locations.
Despite the perception of heightened political risk, however, few banks or financial institutions have left Hong Kong altogether, owing in part to their growing and prosperous China businesses.
