Local bankers who think their jobs are safe better start planning for their next career - like driving a taxi or becoming a security guard.
http://news.efinancialcareers.sg/newsandviews_item/newsItemId-32185
Singapore private banks poach from and pay on par with foreign rivals
26 April 2011
Simon Mortlock
The private banking arms of the three Singaporean banks, OCBC, DBS and UOB, are starting to become more successful in their attempts to attract talent from western competitors.
“Singapore private banks are aggressively recruiting bankers from European and US firms to the extent that they are looking for team moves,” says Jansen Gwee, banking and financial services general manager, Advantage Professional.
BOS is the boss
Bank of Singapore, which was created by OCBC after it bought ING Asia Private Banking in October 2009, is the most assertive recruiter, says a headhunter who asked not to be named.
“Being a pure private bank compared with the other two local firms, its business direction and strategy plays a big part in candidates’ selection. It’s in a better position in terms of attracting bankers,” he adds.
BOS is catching the eye of candidates thanks to its inherited product range and client base. Having “Singapore” in its name also helps to give it gravitas because the city state is associated with financial and political stability.
The firm’s total headcount is about 800 and in 2011 it expects to expand more rapidly than last year’s 18 per cent rate, according to BOS chief executive Renato de Guzman, who was quoted in the Business Times. It has been able to poach from firms such as Credit Suisse and has nabbed a four-strong team from niche Swiss bank Pictet.
It’s the way they pay
Compensation packages at Singaporean private banks are now on par with market rates, says Gwee. “With the introduction of the deferred bonus scheme at some foreign private banks, local banks are offering sign-on bonuses and guaranteed bonuses (tied to performance) to attract bankers.”
Apart from the remuneration, why else would you want to move to a Singaporean firm? “Bankers will look at product width of the bank, portfolios, and the business direction of the wealth management business within the bank,” says Gwee.
http://news.efinancialcareers.sg/newsandviews_item/newsItemId-32185
Singapore private banks poach from and pay on par with foreign rivals
26 April 2011
Simon Mortlock
The private banking arms of the three Singaporean banks, OCBC, DBS and UOB, are starting to become more successful in their attempts to attract talent from western competitors.
“Singapore private banks are aggressively recruiting bankers from European and US firms to the extent that they are looking for team moves,” says Jansen Gwee, banking and financial services general manager, Advantage Professional.
BOS is the boss
Bank of Singapore, which was created by OCBC after it bought ING Asia Private Banking in October 2009, is the most assertive recruiter, says a headhunter who asked not to be named.
“Being a pure private bank compared with the other two local firms, its business direction and strategy plays a big part in candidates’ selection. It’s in a better position in terms of attracting bankers,” he adds.
BOS is catching the eye of candidates thanks to its inherited product range and client base. Having “Singapore” in its name also helps to give it gravitas because the city state is associated with financial and political stability.
The firm’s total headcount is about 800 and in 2011 it expects to expand more rapidly than last year’s 18 per cent rate, according to BOS chief executive Renato de Guzman, who was quoted in the Business Times. It has been able to poach from firms such as Credit Suisse and has nabbed a four-strong team from niche Swiss bank Pictet.
It’s the way they pay
Compensation packages at Singaporean private banks are now on par with market rates, says Gwee. “With the introduction of the deferred bonus scheme at some foreign private banks, local banks are offering sign-on bonuses and guaranteed bonuses (tied to performance) to attract bankers.”
Apart from the remuneration, why else would you want to move to a Singaporean firm? “Bankers will look at product width of the bank, portfolios, and the business direction of the wealth management business within the bank,” says Gwee.
