If you’re looking for a job in an expanding part of DBS, look no further than wealth management. While all DBS units achieved record quarterly income in the bank’s Q1 results released yesterday, the wealth management segment shot up 41% compared with the same period last year to reach S$365m (US$274m).
DBS wealth management segment: income in S$m
Source: DBS Q1 financial performance presentation
These results provide further evidence that DBS is now positioning itself within the elite ranks of Asian private banking. According to Asian Private Banker, DBS’ Asian assets under management (AUM) rose 34% – the highest percentage increase of any bank – to US$73.2bn last year, following its takeover of Societe Generale’s Asian wealth arm in October. The firm is now ranked eighth in Asia by AUM, ahead of banks such as Morgan Stanley and Goldman Sachs.
The acquisition also boosted DBS’ headcount of relationship managers (RMs) – from 215 in 2013 to 267 last year, a rise of 24%. And DBS is set to further expand its private banking team this year, Tan Su Shan, group head of consumer banking and wealth management, said in February.
All this doesn’t necessarily mean that RM resumes will be flooding into DBS – banks from Credit Suisse to Morgan Stanley have also announced ambitious hiring plans this year and talent remains in short supply. DBS enjoys a key advantage in the job market, however. Its Singaporean clients are especially loyal to it as a local brand, making it harder for its RMs to move to rival firms and easier for the bank to retain them without large bonuses, a headhunter told us last month.
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