Hong Kong’s Bankers Support Strikes

Hong Kong was hit by renewed protests in eight districts including its crucial central business area. Finance firms in the territory have traditionally been politically indifferent. But last week, hundreds of financial sector workers anonymously petitioned to join yesterday’s strike.

Banks including UBS, Credit Suisse, HSBC and Standard Chartered shared their official views on yesterday’s strike through inquiry or internal notes obtained by finews.com. Some expressed respect for freedom of speech and political opinion while others focused on safety and business continuity.  

finews.com's correspondent in Hong Kong polled bankers during Monday's rally, as well as those opting to head for work. Here is a selection of their views (all translated from Cantonese).

Employee at a local financial institution, 25, who refused to give his name

Q: Why did you join this rally?

A: Let me first use an economic perspective to explain why we must support this movement.

I began joining the protests in 2014 because of one reason: a loss of trust in our government. Why do I say this? In [late 2007], the Hong Kong people were promised universal suffrage to eventually elect their own members of parliament and the chief executive. Today in 2019, what do we have? We have nothing. Two million took the street and which of our five demands have been met? None. In economics, there is a theory called «contract theory». Why has Hong Kong prospered for so long ever since the 1980s? How did we become one of the «Four Asian Tigers»? The reason was that our society was always about «small government, big business». And because of this dynamic, the government would respect processes and promises. 

But since 2014, the Hong Kong government revealed its fangs and has challenged our legal system showing the world that our government does not respect processes. This damages mutual trust which is what contractual theory is all about. It is because of this mutual trust that we can run our economy so successfully. 

Q: Is your boss okay with you joining this strike?

A: Yes. In fact, he like many others would really have wanted to be here but they have constraints. But they are also the reason we can be here today. I really want to thank many of them.

Mr. Chan, 50, owner of a local accounting firm

Q: Why did you join this rally?

A: I always join these rallies. I support Hong Kong. Look behind me. These are all my colleagues sitting on the grass. We all support this cause.

Q: From an economic perspective, do you think this current movement is constructive?

A: Of course. I think it is quite hard to do business without the rule of law.

Q: (Seeing his suit and tie) Do you have to go back to work?

A: Yes.

Q: Is your boss okay with you joining this rally?

A: I am the boss.