global recruitment specialists
Banking Market Overview
The industry was in general slow as there was a lot of uncertainty in the European markets. Investment banking still is under pressure and the major foreign investment banks are moving operations to low cost economies. There is more expansion on the commercial banking side with new players entering the market and some existing ones consolidating which has led to an increase in demand for front office staff and relationship managers.
The changes in the regulatory guidelines have prompted more banks to strengthen their Risk and compliance teams. Particularly the compliance area is very active and rather talent scarce. The other are of interest to hire people seems to be in the Fraud and Financial crime area with banks recruiting for people in AML, surveillance and audit.
Relatively the first half of 2013 was better than the last 2 quarters. However, 2014 looks more promising and we see movement in banks post February / March once the bonuses are paid out. There is also a trend for some of the regional banks to move / consolidate some of their operation in Singapore which may lead to more job prospects.
The salaries are more or less at the same level with not much upside on increments as well as during job change. The average increment during change of job is between 10 to 15%. Bonuses with most banks will be similar to the previous year.