Singaporeans continue to be under represented in top positions in foreign banks

[makapaaa]

[h=1]LOCAL SINGAPOREANS CONTINUE TO BE UNDER REPRESENTED IN TOP POSITIONS IN FOREIGN BANKS[/h]
<!-- /.block --> <style>.node-article .field-name-link-line-above-tags{float: right;}.node-article .field-name-ad-box-in-article {float: left;margin: 15px 15px 10px 0;}.node-article .field-tags{clear: both;}</style> Post date:
25 Sep 2014 - 5:21am





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While more Singaporeans have recently been appointed to top jobs within foreign banks here, the total number of Singaporeans compared to Foreigners in top positions is still very low.

According to the Straits Times, there have been a string of Singaporean appointments to regional leadership roles in the finance sector such as the appointment of Mr Shee Tse Koon as Standard Chartered’s CEO for Indonesia. Mr Money K is also a Singaporean that is the global head for next generation at Citi Private Bank.

Another was Mr Tan Kock Kheng, who was appointed to Citi group’s global head of local markets risk treasury.

However, these appointments of Singaporeans to senior management positions are clearly still the minority cases as overall at Citi, Singaporeans only make up 30% of the ASEAN management committee.

Over at Standard Chartered, about 6% of all its staff hold senior management positions and within this group, only about 20% of them are Singaporeans despite the offices working out of Singapore.

Another Foreign Bank highlighted by ST was ABN Amro Bank Singapore with Mr Daniel Teo appointed as the deputy country executive. At ABN, the Singaporean to Foreigner ratio is much better at 60% Singaporeans in senior management.




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In fact, this problem has been around for a long time, with finance minister Tharman last year highlighting the problem and having to have a chat with foreign banks here about the problem of having too many foreigners.

It seems that even after a whole year, the foreign banks here are slow to hire and promote more locals into top positions.

Was the ‘stern talks’ that Tharman and MOM had with foreign banks last year really effective in resolving the issues? Does more need to be done to ensure that Singaporeans aren’t systematically overlooked when it comes to hiring and promoting within foreign banks?

 

[makapaaa]

<form class="closeButtonAfterLogin" id="u_0_h" action="#" method="post"><input name="lsd" type="hidden" value="AVrYNftE" autocomplete="off"><label class="uiCloseButton" for="u_0_7"><input title="Report" id="u_0_7" aria-label="Report" type="submit" value="Submit Query"></label></form>AL Tay · Top Commenter · S. VP at Macquarie Group<i class="star img sp_comments sx_comments_star">Very common sense. Bank of China - they use their own citizen to be their bank CEO.
Maybank - they use their own citizen ti be their CEO.
There it still more bank in Asia are using their own citizens to be their CEO unlike Singapore. Eben those bank in asia choose their own citizens and they will not use those people link with any govt heads or link in a way of best friend or even relatives in order to show, there it no conflict of interest.

As i outstation in Aust. Ppl will asking y Ur Local 4 Big banks except UOB are using own citizens. No your govt treasure their own citizens and alway under FT as their head.

My Answer to them VTO 2016, 2021 successful. We will see our talented local people will take over the place. The person who took over the place will not link to political BIG SHOT. As the tides of wave it now more favouring to voices of singaporean.
Reply · Like<form class="fbUpDownVoteAfterLogin" id="u_0_i" action="#" method="post"><input name="lsd" type="hidden" value="AVrYNftE" autocomplete="off"><label class="uiLinkButton fbUpDownVoteAfterLoginOption"><input class="uiLinkButtonInput" type="submit" value="Like"></label></form> · <a class="uiLinkSubtle" href="http://therealsingapore.com/content/local-singaporeans-continue-be-under-represented-top-positions-foreign-banks?fb_comment_id=fbc_734432086592756_734628006573164_734628006573164" target="_blank" rel="nofollow"><abbr title="Thursday, September 25, 2014 at 12:40am" class="timestamp" data-utime="1411630804">3 hours ago</abbr>


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<i class="star img sp_comments sx_comments_star"> <form class="closeButtonAfterLogin" id="u_0_j" action="#" method="post"><input name="lsd" type="hidden" value="AVrYNftE" autocomplete="off"><label class="uiCloseButton" for="u_0_d"><input title="Report" id="u_0_d" aria-label="Report" type="submit" value="Submit Query"></label></form>Francis LimWhy so hung up on this issue of more FT than Singaporeans working for this bank. It's a foreign brand. They can choose who they hire just like what internal banking system they choose to use. Why target only their hiring practices, why not their entire business ecosystem.





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[AttilaTheHun]

Even sinkie banks are not using sinkies in the top management.

 

[Boliao]

It's worse in the IT industry. Even iDA chief is a FT. I have no comment on banks and they neither depend on Singaporeans or our government for business. But those providing services to government agencies, we should be able to influence those foreign companies who are based here to hire more locals in their senior management. It's not as if locals cannot do it.

The French companies are the worst of the lot. Every senior position is held by FT (some who are not even qualified). Those FT then hire locals to work for them at low salary while dating local girls for fun.