Good(ish) year

Compliance and risk

In a year likely to be dominated by more layoffs and hiring freezes, the risk and compliance jobs market is about as good as it gets. The sector will continue to grow as governments impose tighter regulations on the financial services sector, says Tulika Tripathi, director, Michael Page International. Kyle Blockley, director of KS Consulting, adds: “2009 will be based around risk and compliance and maybe this time the powers that be within the banks will hire risk professionals who understand what risk is, and compliance professionals who make sure that staff adhere to the regulated processes.”

Recruitment at BNP Paribas

Can it be true? A large international bank hiring in Singapore? In December 2008, BNP Paribas Wealth Management announced plans to hire 100 extra staff for Asia. Of which 80 will be Singapore-based. Thirty of these will be senior relationship managers, with the rest working in the bank’s international IT hub. Not exactly a panacea for the massive layoffs sweeping the city state, but a small crumb of good news all the same.

M&A (may be) / private equity (perhaps)

Will investors think that financial markets have finally reached rock bottom in ’09? When and if they do, jobs might start to trickle back into some sectors. M&A functions should be relatively buoyant as companies evaluate potential acquisition targets in the changing market conditions and consider potential mergers in order to arrive at economies of scale, says Tripathi. With depressed asset prices, private equity players might also find good value investments in 2009. And we might see some small-scale growth in demand for private equity professionals over the next year, says Stanley Teo, a director at Profile Search and Selection.

Those who enjoy being in control

The MAS and global regulators are likely impose even tighter regulations on the financial services sector. The control function (financial control, legal entity control, product control) should remain steady into 2009, says Tripathi.

Bad year

Salary increments

Remember the heady days of 06/07 when you could get 25% more basic pay when you moved jobs? The market quietened down a bit in late 08, with candidates settling for similar salaries. Get ready for a shock in ’09. Unless you’re a real superstar, you might need to take a pay cut of 10 to 20% if you join a new bank.

Real estate

A low or no-growth sector next year. A lack of share sales and acquisitions in the property industry is already cutting workloads for i-bankers who specialise in property. Citigroup has laid off a large chunk of its real estate investment department, while teams at other banks are looking decidedly bloated and ripe for cutting. Teo reckons the decline in capital market transactions will make execution roles especially vulnerable. Organisations that have not already reduced their property teams will be likely to do so in 2009, adds Tripathi.

Expat fat cats

Westerners will still be clamouring to get an employment pass in 2009, but there just won’t be enough jobs for bankers who lack Asian experience. And even if you do pick up a position, packages are now limited to relocation-help. Forget being a fat cat, the days of free accommodation, cars and school fees are all but over. Don’t expect a pay increase either. “Bankers from the US and UK can’t expect to come here and have their foreign salaries simply converted into Singapore dollars,” says Blockley.

Graduate recruitment

While we will see a tightening of headcounts across most areas, the graduate recruitment area is likely to see the most cutbacks in 2009, with many banks opting to bring on board only selective, experienced hires, says Tripathi. While a number of organisations realise that this can lead to a skills shortage in the coming years, they are nevertheless cutting back on their graduate recruitment programs in light of recent results.

Operations

As if the back office hadn’t been battered enough in 2008. More of the same is on its way in ’09 as a prolonged slump further reduces trading volumes. “Recruitment in operations is likely to remain conservative with many organisations already having made significant back office redundancies in recent months,” says Tripathi.