Times are tough for expatriate bankers, a breed that once enjoyed the high life on foreign postings in Hong Kong and Singapore.

As banks continue to rein in compensation costs in the wake of the global financial crisis, and as recruiting managers increasingly seek out staff with local language skills and expertise, the traditional expatriate package is rapidly becoming a thing of the past. Bankers have had to downscale or move out of des-res neighbourhoods, forego the throbbing social scene and fight for school places.