The women were found dead on the 31st floor of the residential block in the popular expatriate district of Wanchai in the early hours of yesterday morning -- when many revellers were out celebrating Halloween.
Police said in a statement today that a holding charge of two counts of murder had been laid against the man, adding that he would appear in court later in the day.
"A person with that name previously worked at this firm," Bank of America Merrill Lynch spokesman Paul Scanlon told AFP.
The man was arrested after he called police to his flat yesterday where they found a naked woman with knife wounds to her neck and buttock in the living room.
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The corpse of the other woman was discovered decaying inside a suitcase on the balcony.
The woman found in the living room, described by police as a foreigner aged between 25 and 30, was declared dead at the scene, with the cause thought to be a cut to her throat.
On social network platform LinkedIn, Rurik Jutting is listed as a graduate of Cambridge University.
A person by the name posted on social media last week he was embarking on a "new journey".
"Stepping down from the ledge. Burden lifted; new journey begins. Scared and anxious but also excited. The first step is always the hardest," said the posting uploaded to Facebook.
One of the victims was thought to be a 25-year-old Indonesian, the government in Jakarta said, adding that its consulate in Hong Kong was coordinating with police to identify her.
Officers said earlier maggots were found in the corpse hidden in a suitcase.
"From what we can see it was intentionally hidden because it was put in a travel suitcase," police assistant district commander Wan Siu-hung told reporters.
"This body belonged to a person who has passed away for quite some time."
A resident said a "disgusting" smell had been emanating from the building.