US
Product control: it’s the chilli crab of banking jobs – a clichéd Singaporean staple that’s always sought after by foreign and local candidates alike.
The extra demand created by the financial crisis for governance-centric functions like product control has helped cement Singapore’s status as a regional and (for some banks) a global PC hub.
So which firms are hiring most heavily? The three big shots are Credit Suisse, Standard Chartered and Barclays.
In terms of sheer size, Credit Suisse has the largest product control function in Singapore, but Standard Chartered is currently “reinvigorating” its operations, according to one headhunter, who asked not to be named.
Although Singapore is a major PC centre for many banks, Stand Chart is the only firm which is hubbed and driven exclusively from the city state by a locally-based CFO.
However, Barclays has recently hired “double the amount of product controllers than Stan Chart,” so far this year, according to a banking HR source. Deutsche Bank often has vacancies, although its main PC hub is now in the Philippines.
And watch out for Macquarie, which has “big plans for 2011″, according to the anonymous headhunter.
Several other banks are also steady, but less spectacular, PC hirers in Singapore. JP Morgan, Citi, Morgan Stanley and UBS divide their roles more evenly between Singapore and Hong Kong.
JP Morgan, for example, has Singapore-based product controllers supporting rates, credit and commodities. While in Hong Kong they focus on equities.
Approximately one third of Singaporean PC vacancies are filled via international relocation, estimates the headhunter. Standard Chartered is the main external hirer from overseas, while RBS has recently moved people internally from London to Singapore.
“At senior level in particular, banks are still importing talent, with London and Australia being the primary markets. The US less so – I’ve actually seen some American managers move back home this year,” says Andrew Matterson, director, Kaskal Executive.
For Aussie candidates, the size of the PC job market in Singapore and Hong Kong gives them more scope for career progression compared with Australia, adds Matterson.
The London PC market remains strong, but high tax rates and the desire to make a lifestyle change provide additional push factors out of the UK and into Asia.
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What kind of banks require the most number of product controllers? Those with poor systems and controls, so having the most number of PCs does not have good implications. One the three most ‘pugnacious’ banks has 2 PCs for every trader on some desks! Now thats something to be proud of!