Looking to spread your wings beyond Sydney? The Singaporean job market is booming.
This week, Barclays Capital revealed plans to add 400 people to its Singapore business, across equity, credit, derivatives and commodities. And private banking recruitment in the island state is reaching a frenzied pitch – Credit Suisse alone reportedly plans to add 140 client relationship managers in the next 12 months.
Dennis Koh, a Singapore based Managing Partner of Goshen & Staines, an executive recruitment firm, tells eFinancialCareers.com the emphasis is on hiring people with cross border experience covering South East and/or South Asia: “Across the board, foreign owned-banks and local banks alike are active.”
Recruiters say private banks are dealing with talent shortages by retraining corporate and retail bankers. “A lot of leading banks have taken the initiative and said that wage inflation and high staff turnover can’t last forever,” says Stanley Teo, manager for financial services recruitment at Michael Page in Singapore.
Jackie Wong, head of Egon Zehnder International’s financial services practice for Asia Pacific, says the private banking trend reflects huge growth in the industry in recent years as banks tap into a growing pool of Asian wealth . “When the market is hot, demand is always bigger than the supply of talent,” she says. “Every private bank is thinking creatively about how they can attract people with the right relationship skills and with access to wealth.”