<font class="pageTitle"> They are refugee bankers <font>
<br />
<br /> <font class="newstxtbold"> Professionals seek to swap Wall Street for Shenton Way </font>
<br />
<br /> <font class="newstxt"> Monday • November 3, 2008
<br />
<br />
<br />Lin Yanqin</font></font></font>
<p><font class="pageTitle"><font><font class="newstxt">LOST your job at Lehman Brothers? Turfed out in London’s financial crisis? You could always try for a job in Singapore.
<br />
<br />And, recruitment firms and headhunters report, this is just what an increasing number of one-time high-flyers from Wall Street and the City of London are thinking.
<br />
<br />They say they are seeing a huge rise in the numbers of :banking and finance professionals from the United States, Europe and Australia sending in their details — in the hope of getting work here or elsewhere in Asia.:
<br />
<br />Mr Tim Hird, managing director of Robert Half Singapore, which specialises in recruitment for the finance sector, said that over the last six months, the firm has seen a 300-per-cent increase in resumes. The numbers shot up after the firm launched a website last month dedicated to facilitating recruitment from overseas.
<br />
<br />“The Wall Street crisis has definitely attracted more financial professionals from the US to Singapore and Asia,” he said. “In fact, the current economic crisis presents an opportunity for both recruiters and job seekers.”
<br />
<br />Companies here are taking this opportunity to recruit financial talent that has been laid off, while candidates are more willing to accept job opportunities that open up to them, he said.
<br />
<br />One example is given by blogger Mr Wang, who claims to work in the banking sector. He wrote on his website last month about interviewing a lawyer who worked at the now-collapsed Lehman Brothers investment bank.
<br />
<br />“The candidate has seven years of working experience more than me. That makes him very senior. His stated expected salary, however, was quite low (lower than mine). I sensed a little desperation. He’s very eager to grab his wife and kids and get out of London (now populated with unemployed ex-bank employees) and come out to Asia as soon as possible,” Mr Wang wrote.
<br />
<br />Ms Andrea Ross, director of recruitment firm Robert Walters Singapore, said that resumes have been flowing in from the UK over the last few months — from candidates who have already been retrenched and from people who fear that they might be.
<br />
<br />“We are not seeing as many CVs coming from the US, possibly due to them having to pay taxes both in the US and Singapore. Hence, it does not necessarily work out to be that cost-effective for them as it is for someone coming out from the UK,” she added.
<br />
<br />The trend for bankers seeking to exchange Wall Street for Shenton Way is not something the banks themselves want to talk about — those contacted by Today declined to comment.
<br />
<br />
<br />
<br />While more and more foreign professionals are seeking employment opportunities here, whether they land jobs is another story.
<br />
<br />Ms Ross said that, for one, while “select international banks” are still hiring in specific areas like legal, compliance, tax, audit and finance, local banks are observing hiring freezes.
<br />
<br />And while these foreign job seekers may be highly experienced in certain areas, they generally lack knowledge of Asian markets.
<br />
<br />“Clients would still prefer a candidate on the ground with local expertise and potential language skills,” said Ms Ross, adding that candidates from the UK or US will need to be flexible with their salaries.
<br />
<br />“Singapore is not a hardship posting and clients are not prepared to pay expatriate packages,” she said. “Job seekers will need to be aware of this and be flexible and realistic when conducting their search in Singapore or Asia.”
<br />
<br />She pointed out that some overseas candidates eventually choose not to take up offers because they had expected housing allowances, car allowances or air tickets, or because they have not talked-through the move with their families.
<br />
<br />Mr Hird said that as the global crisis continued, firms in the finance industry would come under increasing cost pressures and become more selective and will be cautious in increasing headcount.
<br />
<br />Hiring was more strategic and aimed at “harnessing talent to drive firm-wide performance and positioning themselves for a market recovery”, he said.
<br />
<br />:Job seekers need to be realistic – only “very senior positions” can command high salaries. “Instead of accepting a job offer on the grounds of higher salary packages, these professionals would do well to consider various non-monetary aspects, such as career stability, progression and development,” said Mr Hird.
<br />
<br />Ms Ross said that as clients were in the middle of interviewing candidates, it was too soon to say how many of the applications sent in would translate into job offers.</font></font></font>
</p>
<br />
<br /> <font class="newstxtbold"> Professionals seek to swap Wall Street for Shenton Way </font>
<br />
<br /> <font class="newstxt"> Monday • November 3, 2008
<br />
<br />
<br />Lin Yanqin</font></font></font>
<p><font class="pageTitle"><font><font class="newstxt">LOST your job at Lehman Brothers? Turfed out in London’s financial crisis? You could always try for a job in Singapore.
<br />
<br />And, recruitment firms and headhunters report, this is just what an increasing number of one-time high-flyers from Wall Street and the City of London are thinking.
<br />
<br />They say they are seeing a huge rise in the numbers of :banking and finance professionals from the United States, Europe and Australia sending in their details — in the hope of getting work here or elsewhere in Asia.:
<br />
<br />Mr Tim Hird, managing director of Robert Half Singapore, which specialises in recruitment for the finance sector, said that over the last six months, the firm has seen a 300-per-cent increase in resumes. The numbers shot up after the firm launched a website last month dedicated to facilitating recruitment from overseas.
<br />
<br />“The Wall Street crisis has definitely attracted more financial professionals from the US to Singapore and Asia,” he said. “In fact, the current economic crisis presents an opportunity for both recruiters and job seekers.”
<br />
<br />Companies here are taking this opportunity to recruit financial talent that has been laid off, while candidates are more willing to accept job opportunities that open up to them, he said.
<br />
<br />One example is given by blogger Mr Wang, who claims to work in the banking sector. He wrote on his website last month about interviewing a lawyer who worked at the now-collapsed Lehman Brothers investment bank.
<br />
<br />“The candidate has seven years of working experience more than me. That makes him very senior. His stated expected salary, however, was quite low (lower than mine). I sensed a little desperation. He’s very eager to grab his wife and kids and get out of London (now populated with unemployed ex-bank employees) and come out to Asia as soon as possible,” Mr Wang wrote.
<br />
<br />Ms Andrea Ross, director of recruitment firm Robert Walters Singapore, said that resumes have been flowing in from the UK over the last few months — from candidates who have already been retrenched and from people who fear that they might be.
<br />
<br />“We are not seeing as many CVs coming from the US, possibly due to them having to pay taxes both in the US and Singapore. Hence, it does not necessarily work out to be that cost-effective for them as it is for someone coming out from the UK,” she added.
<br />
<br />The trend for bankers seeking to exchange Wall Street for Shenton Way is not something the banks themselves want to talk about — those contacted by Today declined to comment.
<br />
<br />
<br />
<br />While more and more foreign professionals are seeking employment opportunities here, whether they land jobs is another story.
<br />
<br />Ms Ross said that, for one, while “select international banks” are still hiring in specific areas like legal, compliance, tax, audit and finance, local banks are observing hiring freezes.
<br />
<br />And while these foreign job seekers may be highly experienced in certain areas, they generally lack knowledge of Asian markets.
<br />
<br />“Clients would still prefer a candidate on the ground with local expertise and potential language skills,” said Ms Ross, adding that candidates from the UK or US will need to be flexible with their salaries.
<br />
<br />“Singapore is not a hardship posting and clients are not prepared to pay expatriate packages,” she said. “Job seekers will need to be aware of this and be flexible and realistic when conducting their search in Singapore or Asia.”
<br />
<br />She pointed out that some overseas candidates eventually choose not to take up offers because they had expected housing allowances, car allowances or air tickets, or because they have not talked-through the move with their families.
<br />
<br />Mr Hird said that as the global crisis continued, firms in the finance industry would come under increasing cost pressures and become more selective and will be cautious in increasing headcount.
<br />
<br />Hiring was more strategic and aimed at “harnessing talent to drive firm-wide performance and positioning themselves for a market recovery”, he said.
<br />
<br />:Job seekers need to be realistic – only “very senior positions” can command high salaries. “Instead of accepting a job offer on the grounds of higher salary packages, these professionals would do well to consider various non-monetary aspects, such as career stability, progression and development,” said Mr Hird.
<br />
<br />Ms Ross said that as clients were in the middle of interviewing candidates, it was too soon to say how many of the applications sent in would translate into job offers.</font></font></font>
</p>
