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Morning Coffee: Job vacancies fall in Q3 in Singapore

Vacancy

The number of job vacancies has fallen in Singapore after rising for four quarters in a row, according to a new Ministry of Manpower report for the third quarter. Job openings across industries fell over the quarter by 5.9 per cent to 60,700 but the number of job openings continued to outnumber job seekers. The ratio of vacancies to unemployed persons rose to 142 openings per 100 candidates in September from 136 in June, reports Asia One.

Anecdotal evidence suggests that the finance-sector job market in Singapore broadly reflects these general trends. Vacancies also fell within financial services in Q3, say recruiters, but mainly for seasonal reasons – comparatively large bonuses in the industry mean hiring is often pigeon-holed into the first half of the year.

Measuring the health of the job market in financial services in Singapore via unemployed candidates is “not that useful”, says one recruiter we spoke to because “there just aren’t enough of them around in FS to make it viable – most candidates are employed”. However, the sector does struggle to attract enough applicants in Singapore thanks to talent shortages in certain key jobs – risk, compliance and relationship management chief among them – which “help to create the impression that it’s a candidate-led job market”.

Meanwhile:

Standard Chartered to sell Hong Kong consumer finance business. (Financial Times)

The new way that Chinese financial firms are buying European banking assets. (South China Morning Post)

Global head of yuan solutions at Deutsche Bank explains why Germany loves the Chinese currency. (South China Morning Post)

Ministry of Manpower issues new Singapore guidelines. (Channel News Asia)

ICBC executive embroiled in two lawsuits. (Wall Street Journal)

Marketing people in Singapore are dissatisfied with their jobs, says survey. (HR online)

Job-stress mum takes ANZ to court (Herald Sun), while ANZ reaches stand-off with Australian finance union. (Sydney Morning Herald)

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