While productivity in the Singaporean banking sector continues to improve, the complacent attitudes of younger bankers are putting these gains at risk, according to a report in the Business Times.
A senior banker at a foreign bank in Singapore told the newspaper that finance graduates are asking too many questions about work-life balance in banking – a concept that he thinks doesn’t even exist in the industry. Bankers in the city state also bemoan the reluctance of Singaporean finance professionals to take on overseas assignments, reports the Business Times.
The Monetary Authority of Singapore, however, is now trying to encourage overseas secondments as part of its new Asian Financial Leaders Programme for Singaporeans who want regional or global leadership jobs.
And despite these threats on the horizon, the finance sector grew its productivity by 5.1% in the fourth quarter of last year, according government data – a stark contrast to the 1.5% fall in overall labour productivity during same quarter. The productivity jump was largely down to financial institutions investing more in technology, according to experts quoted by the Business Times. For example, as we reported in March, Credit Suisse choose Singapore to develop its new private banking client platform.
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