Digitalisation push puts Singapore banks in hiring mode

Singapore

THE axe may be falling on investment banking staff across the globe, but there're plenty of jobs still unfilled in Singapore banks - you just need to know where to look.

Headhunters in the industry told The Business Times that the local banks - DBS, OCBC and UOB - are continuing with their hiring this year for roles in various banking functions, particularly in the digital space.

In demand are fresh specialists in areas of corporate and digital banking, wealth managers, all sorts of IT personnel.

According to Robert Walters Singapore consultant Joseph Quinn, banks "expanding massively" on digital transformation initiatives is giving rise to demand for developers, cloud engineers, cybersecurity specialists and project managers.

Agreeing, Korn Ferry's Nick Evans explained that the local banks are being shaped by the increasing use of technology and how they now connect with clients.

The executive recruiters also observe areas like wealth management and corporate banking driving both growth and hiring among the local banks.

"We are seeing a surge in demand for roles such as coverage bankers and product specialists with good expertise in structuring solutions for cash management and trade," said Hays consultant Deepika Devarajan, who recruits for front office transaction banking roles within corporate banking.

All three banks confirmed that they are actively hiring in those areas, although they declined to reveal specific numbers.

"We continue to hold recruitment drives and are always on the lookout for talent who can add value to the team and are the right fit for the bank," said Jacinta Low, head of human resources planning at OCBC. Many of these openings are in corporate banking, audit and compliance.

On the other hand, DBS is also looking for wealth-planning managers to support the bank's growing wealth management segment, and hiring in technology functions. Available roles include data analysts, software engineers and mobile app developers, according to the bank's spokesperson.

As for UOB, its head of group human resources, Dean Tong, shared that the bank is looking to widen its team of 'technologists', such as software engineers and architects, beyond traditional banking roles.

"UOB welcomes professionals with expertise in areas such as user experience and user interface design, behavioural science and research, data analytics and design thinking," Mr Tong said.

Just last year, all three local banks bulked up their workforces with OCBC's headcount hitting 29,706, up from 29,174 in 2017.

DBS' staff strength surged to about 26,000 from 24,174 in the preceding year, while UOB also raised its permanent staff numbers year on year to 25,250 from 24,146.

Their hunt for talent comes at a time when banks and asset managers globally are trimming operations, under pressure from financial market uncertainty.

For example, Japan's Nomura is said to be lopping 150 frontline roles across the Americas and Europe, the Middle East and Africa on top of reductions in Hong Kong and Singapore, according to sources, as it cuts US$1 billion in costs from its global trading and investment banking operations.

Nomura is said to have axed eight of its nine staff from its Singapore equities research team. The bank had declined comment.

British bank Standard Chartered will also cut expenses by 2021 in a streamlining plan that may include trimming jobs in Singapore, BT reported in March.