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Singapore is set to capture a fair share of new job growth in the global banking and financial services industry, according to a new survey by specialist recruitment firm, Robert Half. The survey asked the senior management of banks and financial services companies to nominate the three cities they expect to see an increase in their company's headcount.
It includes responses from 1,100 finance directors, chief financial officers and chief operating officers in Canada, France, Germany, Hong Kong, Singapore, the UK and the US.
Nearly one in four said their Singapore office can expect an increase in headcount this year. About one third of these said Singapore would receive the biggest increase in permanent headcount of any financial capital. This places Singapore among the top five of financial centres that can expect job growth alongside New York (50%), Hong Kong (38%), London (34%) and Shanghai (28%).
Stella Tang, Director of Robert Half Singapore, said jobs and talent often move between cities due to the market-driven and global nature of the financial services and banking sector.
“A number of global cities have emerged as centres for financial activities – the Capitals of Capital. As the banking and financial service sector responds to the demands of its global customers, new job opportunities can arise in any of these cities. Singapore will get its fair share of new jobs in the banking and financial services sector this year.
Three of the six growth capitals are in Asia, according to the survey. “This further proves that a massive shift in economic and financial power is underway from the West to the faster growing economies in Asia,” said Ms Tang.
“Singapore is benefitting from the entry and expansion of banks and financial services companies from other countries. While some of the established global financial institutions are cutting back, regional and local banks within Asia are moving in to take their place, competing for the industry’s top talent,” she added.