Singapore bank sector may cut hiring amid volatile markets, global financial job losses

[SINGAPORE] Mercurial stock markets, coupled with growing concerns that the US economy could be headed for a recession, are making banks in Singapore more cautious about hiring, recruiters said.

Athreya HD, partner in financial services consulting at Forvis Mazars, told The Business Times: “In Singapore’s context as a key financial hub, institutions are adopting a more prudent hiring strategy, focusing on critical roles essential to their core operations.” Together with “efforts to optimise workforce structures, driven by digital transformation, (this) could lead to a reduction in overall headcount”, he added.

Recruiters suggested that recent reports of big US banks laying off staff in their home market could ripple through to affect their headcount in Singapore.