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Morning Coffee: KPMG on Singapore hiring spree, headcount up 14%

KPMG Singapore says headcount up 14%

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In a sign that Big Four hiring is far outstripping that of the large banks in Singapore, KPMG has revealed a 14% increase in its headcount in the Republic over the past year.

The headcount rise has affected each of KPMG’s main business units – audit, tax and advisory, according to a statement from the firm that appeared right at the end of this Straits Times article over the weekend. KPMG has anticipated the growing needs of its client base in Singapore and the Asean region, Quek Shu Ping, head of people, performance and culture, told the newspaper.

Interestingly, KPMG’s headcount increase was concentrated at the senior end – so this isn’t just about boosting graduate hiring (which is always massive at the Big Four).

The firm did not reveal the actual number of new hires it has made in the past year in Singapore. However, a finance recruiter in Singapore estimates its current headcount at around 2,600, suggesing that it has boosted its workforce by more than 350 people since this time last year.

Other Big Four firms have also been busy recruiting in Singapore. Deloitte is hiring for a new financial crime unit based in the city state, for example.

By contrast, hiring at international banks in Singapore has been nothing like as large scale and some firms – such as Standard Chartered and RBS – have cut jobs.

Meanwhile:

Goldman Sachs China industrials MD Houston Huang resigns. (Nasdaq)

Election result reconfirms Singapore’s position as a stable financial centre. (Wall Street Journal)

Investment banking gravy train of little value to anyone else. (The Telegraph)

Aberdeen Asset Management plans to expand in Korea. (Asian Investor)

Is it time for mainland Chinese banks to finally turn from ‘non-standard businesses’? (South China Morning Post)

Credit Suisse plans to sell US private bank. (Reuters)

China to allow state-owned enterprises to sell shares to public. (Wall Street Journal)



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