Private banking group to offer 200 undergraduate traineeships in next 3 years

SINGAPORE'S Private Banking Industry Group (PBIG), which includes 14 major banks, on Wednesday unveiled an initiative that aims to offer 200 undergraduate traineeship positions over the next three years at its member banks.

Called the "Build, Encourage, Nurture" talent development initiative (PBIG-BEN), the programme seeks to groom local talent for in-demand roles in private banks, as well as to enhance the employability of students entering the workforce.

The PBIG is co-chaired by the Monetary Authority of Singapore (MAS) and UBS. Its executive committee comprises The Association of Banks in Singapore (ABS) and 13 banks besides UBS, namely: Bank Julius Baer, Bank Pictet & Cie, Bank of Singapore, BNP Paribas, Citibank, Credit Suisse, Deutsche Bank, DBS, HSBC, JP Morgan, LGT Bank Singapore, Standard Chartered Bank and UOB.

PBIG-BEN trainees will be undergraduates selected from relevant Work-Study Degree Programmes offered by the universities in Singapore. They will be trained for in-demand roles, such as relationship or product managers, data analysts, business-risk managers and cyber security analysts.

The traineeship period with the bank will make up at least 30 per cent of the trainee's university programme duration. The rest of their time will be spent completing the academic curriculum at the universities.

The longer traineeship duration enables the banks to develop more meaningful structured on-the-job training, so that trainees stand a better chance to pursue a career in wealth management, the PBIG said in a statement.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL

PBIG member banks will also benefit from the Work-Study Support Programme recently launched by MAS. The scheme will fund 80 per cent of the internship stipend, capped at $1,000 per month, for each Singaporean undergraduate the bank takes on under the Work-Study Degree Programme.

Gillian Tan, assistant managing director (development and international) at MAS, said: "The wealth management industry in Singapore has continued to enjoy good growth, generating demand for highly-skilled talent.

"The PBIG-BEN initiative introduces key elements of a structured on-the-job training programme and standardised training curriculum across different banks, which will benefit both students and employers. The initiative will provide a sustainable pipeline of job-ready talent to Singapore's private banking industry, which is essential for the sector's growth."

August Hatecke, co-head of wealth management in the Asia-Pacific at UBS, added: "This PBIG-BEN initiative will provide the best of both worlds as the undergrad trainees will undergo a robust apprenticeship and gain relevant industry experience, while the banking industry works hand in hand to nurture the future banking talent of Singapore."