Around this time last year RBS was busy cutting its Singapore headcount from about 1,500 to 200 as the city state became a mere sales and trading hub for its UK clients.
And as we reported then, several banks in Singapore were vying to hire people exiting the beleaguered British bank.
But where did these ex-RBS staff (and others who’ve left the bank in recent years) actually end up working?
To find out, we used online profiles to calculate the total number of former RBS people now employed at 21 global and regional banks in Singapore.
We then ranked each bank according to its percentage of this total in order to produce the table below. For example, Barclays boasts 3% of all ex-RBS employees now working at major banks in Singapore.
While the figures in the table only reflect people who have public profiles (and include those who left RBS prior to its most recent Asian downsizing), they do broadly suggest where RBS professionals are now based.
Standard Chartered tops our table – 27.5% of people with an RBS background in Singapore are now working for a rival British bank, which has also cut thousands of Asian jobs.
Unlike RBS, however, Stan Chart remains a large employer in Singapore and its business remains focused on Asia. Stan Chart continues to recruit – it’s hiring 300 new technologists and (as we reported on Friday) it’s also expanding in private banking.
Such is Stan Chart’s dominance that no other single bank can muster more than 10% of the total ex-RBS talent pool still working in Singapore banking.
Nearly 30% of the group is currently at APAC-headquartered firms, in particular DBS and ANZ, which take positions two and three on our list.
Few former RBS employees are now at US investment banks, reflecting the fact that RBS wasn’t a major competitor in IB even when it had a much larger headcount in Singapore.
Just 0.2% of those who’ve left RBS for other banks in Singapore are now on the payroll at Merrill Lynch, for example.
Image credit: franckreporter, Getty