It's been happening for at least 10-12 years. Started with Credit Suisse IT staff to Singapore, then a lot of those people went back to Japan because they didn't like it here. That was when people actually had some semblance of choice...
The next wave started around 2003-04, and has been continuing. Those are my guesses, I could be wrong on the dates.
The change is that where it was Japan => Singapore, then Japan => Singapore & HK, it appears to be Japan => HK going forward.
That's for the ones who actually saw Singapore as a strategic location - some others like Goldman and Morgan Stanley have to date not really done this.
I see Singapore as a staging ground to centralize and commoditize jobs, then replace internal staff with vendors, then offshore those positions to India, China, the Philippines, and some Eastern Bloc countries, depending on the work.
And that scope of work is expanding - it's not just IT to India, etc. but Equity Research, etc. and I've heard soon trading; some companies like DB have already moved a lot of back-office operations to the Philippines.
Brah wrote:Last week someone in Japan was telling me that while the mass exodus from Japan (due to the continued high JPY rate) continues and is probably accelerating, if in fact anyone is left there, that one company has said that they will no longer offshore to Singapore and will just move people to HK.
That's one company - if one is doing it, so will others.
I certainly know one major bank has been moving some of their expats from Japan to HK....if it is ongoing, I don't know.