Saturday, November 12, 2011

Grim outlook for banking jobs in Singapore

"There are plenty of resumes going around in the market right now, just not too many takers," says Joe Neitham, a recruiter at TRC Group in Singapore.[1] He is talking about the grim prospects of banking jobs in Singapore where job axe started to fall a while ago, especially in the global banking and finance companies:

"Nomura is said to be looking to shed about 700 staff. Credit Suisse has outlined 1,500 layoffs. Even Jefferies' Asia build-out and generous pay offers seem set to be reined in while the bank struggles with investors worried about its exposure to Europe.

Virtually every foreign bank in Asia is cutting staff, as the news keeps getting worse. Societe Generale issued weak earnings on Tuesday .

Deal volumes have fallen in Asia, with IPO proceeds totalling about $67 billion up to October this year, barely half that of the $130 billion clocked during the same period in 2010, according to Thomson Reuters data.[1]

"Major banks worldwide announced 109,000 planned job cuts so far this year and every week announcing more job cuts.

Bank [2] Job cuts announced in 2011 Total Workforce
HSBC 30,000 295,995
Bank of America Merrill Lynch 30,000 287,839
Lloyds Banking Group 15,000 103,859
UBS 3,500 65,707
Credit Suisse 3,500 50,700
Barclays 3,500 146,100
Intesa Sanpaolo 3,000 101,169
ING 2,700 98,169
ABN Amro 2,350 26,161
Monte Dei Paschi Di Siena 2,200 31,201
Nordea 2,000 34,169
Danske Bank 2,000 21,567
Royal Bank of Scotland 2,000 148,300
Bank of New York Mellon 1,500 48,900
Rabobank 1,200 59,000
Banco Popolare 1,120 19,209
Goldman Sachs 1,000 35,500
JPMorgan 1,000 239,831
Nomura 1,000 35,697
Deutsche Bank 500 102,062
TOTAL 109,070 1,951,135

Foreign banks cutting jobs here are frequently in the news nowadays:

"Foreign banks in Singapore may be reluctant to disclose numbers but industry observers note that jobs are being cut at these lenders. Mr Gary Lai, managing director of recruitment consultancy Charterhouse, said most of the banks that had reduced staffing here had done so to consolidate operations in countries like the Philippines or India.

"So while you may have one person that they let go here, they might be hiring one more in a lower-cost country," he said. Foreign banks and financial institutions like Credit Suisse, Macquarie Group, Bank of America Nomura Holdings and Daiwa Securities are some of those that have retrenched staff in Asia recently.

Reuters also reported last week that South Africa's Standard Bank had cut three jobs at its oil trading desk in Singapore."[3]
[1] - Banks stop hiring, bankers face grim job prospects
[2] - Reuters
[3] - Foreign banks cutting jobs here

No comments:

Post a Comment