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Morning Coffee: Maybank tipped to hire as rival cuts

Maybank tipped to hire as CIMB cuts

Maybank expects to expand this year

Malaysian banks haven’t exactly been top of mind among job seekers in Singapore or Hong Kong of late.

First came the news in January that CIMB and RHB were calling off the “mega merger” that we had originally tipped to create client-facing banking jobs in Singapore. Then earlier this month CIMB announced it was reducing its investment banking costs by 30% – headhunters expect this to lead to redundancies in Hong Kong and Singapore and the firm has already announced its withdrawal from the Australian market.

However, local rival Maybank is still planning to continue its business expansion across Southeast Asia Share on twitter, even in the face of higher capital requirements and tighter regulation, Abdul Farid Alias, Maybank’s CEO, told Bloomberg. Expect most of Maybank’s recruitment this year to be in consumer banking – the department Farid is focusing his expansion plans on.

A recruiter we spoke to in Singapore says although most candidates in the city state view Maybank as the best Malaysian bank to work for, its hiring rates this year will still lag far behind those of the three Singaporean lenders. Application rates to DBS, OCBC and UOB are also on the rise, as we reported earlier this month.

Meanwhile

Brokers and fund managers worked marathon shifts and multiple weekend practice sessions in preparation for the launch of Shanghai-Hong Kong Stock Connect. But the scheme isn’t living up to expectations. (Wall Street Journal)

Deutsche Bank plans to slim down its universal banking model. (Reuters)

ANZ names Mark Whelan as new Australia CEO. (Reuters)

Chinese investors look to find bargains in Europe’s financial sector. (Wall Street Journal)

Standard Chartered vs RBS: Which is the best turnaround story? (Motley Fool)

Banks set to benefit from increase in lending in China. (Bloomberg)

MAS sets out proposals for securities-based crowdfunding in Singapore. (Asia One)


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