“When I made MD I bought myself a Timex, not a Rolex,” says top HK banker

Many senior bankers don't think twice about spending US$50k on a watch, and Patek Phillippe is an obvious choice if they don't go for an Audemars Piguet If you see someone with a Tumi briefcase and carry-on luggage on a plane between Singapore and Hong Kong, you know he or she is probably a banker Some bankers use their MD promotion to make more substantial lifestyle upgrades, such as trading in their Porsche for a Ferrari.

Having seen many people get promoted during more than 20 years working in banking, I think that lavish spending on well-known luxury brands is largely to celebrate hard-earned titles Senior bankers have been more likely to be laid off in recent years If you lose your MD job, it's disproportionally difficulty to find one that pays a similar salary and bonus - banks in Asia don't hire much at this level.

Noticing my Timex watch, an analyst once asked me why I didn't wear a 'proper' watch that seniors bankers typically wear. . Source