An exodus of workers and a surge in new business from China have combined to spark a talent war among banks and insurers in Hong Kong, driving up wages for new recruits by as much as 30% in the Asian financial hub.

While investment banks are cutting staff as China deal flow stalls, it’s a different story for other parts of the sector, including insurance, bank branches, back office and wealth management. Natixis SA estimates there are roughly 4,000 unfilled jobs in the industry.