Talent Fight Intensifies in Hong Kong’s $1 Trillion Wealth Hub

The competition among global banks for Hong Kong’s $1 trillion of private wealth is intensifying.

Wall Street titans and regional heavyweights such as UBS Group AG, Citigroup Inc., BNP Paribas SA, DBS Group Holdings Ltd. and China Construction Bank Corp. are aggressively expanding their headcount this year, with plans to hire hundreds of private bankers to cater to high net-worth individuals. Candidates are getting pay bumps of as much as 25%, according to a recruitment firm.