TD Securities Asia-Pacific, the wholesale division of Toronto-Dominion Bank, was actively recruiting in Singapore last year. As other banks in the Republic cut jobs or froze hiring, TD Securities added 100 new people in 2016 – both permanent staff and contractors – across its back, middle and front offices.
“We certainly bucked the general job market trend, and the pace of our growth plans won’t change in 2017 – we remain optimistic,” says Jay Jobanputra, the Asia-Pacific Head of TD Securities.
He is confident of being able to hire top talent into TD’s ranks over the next 12 months.
“We’re attracting excellent candidates, because people know we’re committed to growing in Singapore. Instead of pulling back, we’re creating local jobs and hiring local talent,” explains Jay. “And for us it makes perfect sense to expand as we continue to build our global franchise. Singapore offers stable and robust infrastructure and a solid regulatory framework.”
“Joining a company in the midst of an expansion can also pay dividends for individuals seeking a rewarding career,” says Jay.
The majority of the new jobs will be in technology – TD already employs about 100 IT staff in its 240-strong Singapore workforce – in roles such as testing, applications management, infrastructure and development (Java, Murex and Calypso are key skills).
“Unlike many banks, we’re not offshoring technology. Our focus is on hiring in Singapore, a significant global financial centre where the candidate pool is strong and technologists can reap the benefits of sitting close to our traders,” says Jay.
The North American bank is expanding its operations, finance and compliance teams in Singapore to help support its business both locally and globally.
“The 12-hour time difference with our Toronto HQ means we offer clients follow-the-sun assistance. And there’s a wealth of talent here in the support and control areas.”
TD is also selectively recruiting client-facing staff for its Singapore-based trading, sales and advisory business.
“Our North American clients are looking to Asia to grow their businesses and access financial products, so we’re growing our team to support their needs in the region,” says Jay.
Jay knows all about building a long-term career – he’s been with TD in Singapore since 2006 and prior to that worked in its Toronto, New York and Sydney offices.
“Stability is an important part of our culture and sets us apart from many of our competitors. As long as you perform well and are motivated, you’ll have opportunities to progress.”
There are other aspects of TD Securities’ culture that Jay says are helping it successfully recruit and retain people in Singapore.
“Our compensation is competitive, but more importantly we offer a flatter management structure and a more collaborative culture,” he says. “It’s an environment where everyone’s voice is heard. If you work in tech or ops, or any part of the organisation, you’re encouraged to share ideas.”
Jay says TD Securities in Singapore offers a “unique” career opportunity.
“There are a lot of very talented financial and tech candidates in Singapore who could work almost anywhere in the world, but prefer to stay in Singapore,” he explains. “By joining TD, they can continue to do that, while working for a company with exciting and sustainable local growth plans, in an inclusive culture that encourages career progression.”