The cities of Hong Kong and Singapore are key tech hubs for financial technologists in Asia, with Goldman Sachs and JPMorgan being the two major US banks in the region. To determine which bank pays the most and where we collected data from Levels.fyi on software engineer pay in both banks and locations. Although the sample size is small, the results are informative.
According to the data, the highest-paid technologists work for Goldman Sachs in Hong Kong, where the average analyst pay is more than double that of Singapore’s average. In Hong Kong, tech professionals are more likely to work in front-office-aligned roles such as strats. In 2022, a quant strat associate at Goldman Sachs in Hong Kong earned a total compensation of $290k, while the highest-paid analyst was a blockchain engineer with a total compensation of $175k, including a base salary of $85k.
When comparing the two banks, Goldman Sachs generally pays its engineers more handsomely than JPMorgan. However, it’s worth noting that in Singapore in 2022, both VPs and analysts were paid more at Goldman Sachs than at JPMorgan.