Recent waves of redundancies at global banks in Singapore have one common characteristic – they’ve been aimed largely at expensive senior staff. While job hunting at the top of the banking tree has always been more difficult than at the bottom, the difference is now even more extreme.
But in which particular parts of Singapore financial services is it toughest (and easiest) for experienced staff to get work? To find out, we analysed our database across 17 key finance job functions and compared the number of Singapore-based vacancies demanding at least 10 years’ experience with the number of local CVs at that level.
In the sectors toward the top of the table below, older candidates are currently enjoying more straightforward job searches.
In private banking – a talent-short function dependant on building long-term client relationships – there are ‘only’ 49 resumes on our database for every Singapore vacancy. Senior candidates also face less competition in asset management, hedge funds and private equity, largely because experienced buy-side professionals in Singapore remain thin on the ground.
Even in these comparatively buoyant functions, however, the trend is clear: senior jobs are hard to come by right now in Singapore. This is partly seasonal – employers are currently winding down recruitment for expensive senior staff and waiting to hire them early next year after bonuses have been paid. Equities and M&A, two functions that typically pay high bonuses, are both at the bottom of our table. The lack of jobs in equities (research, sales and trading) also reflects recent job cuts in the sector. Deutsche Bank made redundancies in its Asian equities team earlier this year, while Credit Suisse culled dozens from its regional equities operations in 2017.
Meanwhile, while recruiters say that junior compliance professionals are still in demand, the hiring boom at the senior level has ground to a halt. There are 145 compliance resumes on our database in Singapore for every job.
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