Banks Are Hiring Again

Posted on Friday, August 28, 2009

It’s not often that a single announcement creates shock waves in Singapore’s financial employment market. DBS’s unexpected cull of 900 jobs late last year probably counts as one, shattering as it did the city state’s delusion of immunity from mass redundancies.

More recently, and on a more positive note, comes Standard Chartered’s revelation that it’s hiring 300 relationship managers in priority banking, more than double its current RM headcount.

This seems significant for several reasons. Firstly, Stand Chart divulged its plans directly to the media, perhaps signalling that because the era of mass layoffs has ended, banks are no longer embarrassed to shout about their recruitment.

Secondly, the jobs on offer are all client facing, unlike other recent recruitment drives which have largely been limited to building up IT and back-office hubs. Thirdly, there’s the sheer scale of Stand Chart’s plans, which stand out in a market dominated by selective, senior recruitment.

And finally, these are priority banking positions (serving clients with between S$200k and S$1m to invest). Is this much maligned job function now making a comeback in the wake of several mis-selling scandals?

SCB believes expanding its Singapore-based priority team will give it better access to a growing pool of medium-rich investors across Asia.

Other banks, including HSBC and UOB, are also hiring in Singapore, but not in such high numbers as Stand Chart, which is trying to grab market share by bulking up before its rivals. “It’s the most aggressive firm and it’s sending solid messages to the market,” says John Koh, managing partner of search firm WMRC.

Excluding SCB, Singapore has recently experienced a slow growth in priority hiring as financial markets recover and investment returns, adds Koh.

And even Stand Chart isn’t rushing to recruit. Ngo Min Ying, SCB’s general manager of premium banking, says the firm will hire over the next two to three years, depending on talent availability.