The recent wave of redundancies at global banks in Singapore had one common characteristic – it was aimed largely at expensive senior staff. While job hunting at the top of the banking tree has always between more difficult than at the bottom, the difference is now even more extreme.
But in which particular parts of Singapore banking is it toughest (and easiest) for experienced staff to get work?
To find out, we looked at our database across 15 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 towards the top of the table below, older candidates are currently enjoying comparatively straightforward job searches.
While Singapore recruiters say openings for senior compliance professionals aren’t as abundant as last year, the table shows that these candidates are still more sought after than their contemporaries in other job functions. There are just 16 resumes on our database for every senior compliance vacancy.
Accountants and auditors with 10 years’ or more experience are also perpetually in demand in Singapore, largely thanks to high staff turnover as banks poach finance professionals from each other.
Surprisingly, given that the buy-side often recruits analysts and associates from investment banks, experienced hedge fund and private equity professionals face comparatively little competition for jobs. However, this is down to a small talent pool in Singapore rather than an abundance of vacancies, says a buy-side recruiter.
If you’re in a job at the bottom of the table, your search for work could be tough. The figures for capital markets (106 CVs per vacancy) and M&A (123) suggest that senior investment banking hiring is still affected by ‘juniorisation’ – directors and MDs being laid off as bankers ranked below them are promoted.
The lack of jobs in equities also reflects recent events. In May, Credit Suisse reportedly culled about 35 positions from its Asian equities operations after a slump in revenues. Standard Chartered, Barclays, Deutsche Bank, BNP Paribas, CLSA, Nomura, CIMB and Jefferies have also cut jobs over the past 18 months.
Operations professionals face the bleakest search for work. Years of back-office offshoring from Singapore to lower-cost markets like India have created a glut of candidates.
Private bankers are still in high demand and short supply in Singapore – firms from UBS to LGT want them. But they appear low down our table because the figure for wealth management includes mass-affluent bankers, of whom there are many on the job market.
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