Hays Banking
January - March 2012
Hotspots
Expansions will continue to be seen in corporate banking, though at a slower rate compared to the past few quarters. There is a continued demand for senior bankers who have strong relationships, especially those with South-East Asia clients. There will also be hiring in the commodities structuring space as the commodities industry continues its expansion, with demand for both traders as well as operations staff.
For Middle and Back Office operations roles, there is a growing trend to hire temporary or contract employees due to functions being outsourced or the inability to obtain permanent headcount approvals.
Operational Risk and Compliance professionals with solid relevant experience in the region are still very much sought after, especially at mid and senior levels, given the heightened regulatory and controls environment.
AML needs are high with both junior and mid-management opportunities available. Banks are keen to see individuals both with strong track records and demonstrated loyalty in their previous roles. Positions with a broad remit are in high demand. There is no sign of the AML market slowing.
Overcoming skills shortages
Internal mobility is being given more focus as banks relocate employees from high cost countries to Singapore on local packages. In this way, employers reap tremendous benefits by utilising staff who are already familiar with the bank's culture and processes.
The coming quarter
With the beginning of a new budget year and bonus payouts this quarter, candidate movement will increase in the banking industry. However some stiff competition for jobs can be expected with employed candidates looking at their options, coupled with existing candidates who are currently unemployed and are looking for a role. There remains a continued desire from the candidate market for the opportunity for lateral moves and roles with mixed workloads.
Executive recruitment
In the Front Office space, the focus will mostly remain on senior bankers with strong Asian exposure compared to sourcing for candidates from Europe or America.
The requirement for senior operation roles has remained fairly constant, more for replacements rather than new positions created. There is still a significant amount of recruitment in Middle Office at the senior executive level for Operational Risk, Credit Risk and Market Risk candidates.
Employer trends
When it comes to recruiting operations candidates, the preference is still to keep it within the Singapore context. Banks are recognising the need to secure candidates who have relevant Singapore or APAC markets exposure rather than relying on foreign talent.
For certain Middle Office roles, particularly Product and Valuations Control, there is still an ongoing need to source highly qualified candidates with solid experience from overseas mainly due to the lack of such talent in the local market.
Candidate trends
We expect to see a surge in contract roles compared to permanent positions as employers attempt to reduce the impact on daily operations to a minimum while waiting for headcount approvals. Hiring managers are finding temporary assignments appealing since there is a pool of immediately available candidates in the market for urgent requirements.
