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Market Update February 2019

From our perspective on the ground as an agency which specialises in sourcing professionals for your Corporate Services functions across Financial Services, it’s been a slow start to the year in terms of hiring. November and December were exceptionally busy with many roles coming up and candidates receiving quick and very good offers – one received a 35% increase from our banking client.

 

Hot areas remain in Technology and Finance and many of our clients need contractors for periods between six and twelve months. This is still a challenge as companies rarely offer any incentives to take a contract role and it is still perceived as a 2nd rate job in the local market. Its difficult to hire foreigners for these positions due to visa restrictions.

 

But April is looking to be busy and with bonus time now, there is already movement happening.

 

If you need help with any hiring for permanent or contract roles, please get in touch – we cover Accounting, Finance, Technology, HR, Marketing, Risk, Compliance and Audit.

 

General News

  • Positive marketplace with average pay expected to rise 12-15% with job switching in similar sectors (Business Times 13/2)
  • Hiring and retaining talent are the top challenges for SMEs in Singapore (Human Resources 18/2)
  • Singapore Budget 2019: 6 things HR leaders need to know (Human Resources 19/2)
  • Foreign execs are getting spooked about taking jobs in Japan (JapanTimes, 25/02)

 

Banking news

  • OCBC just hired 532 people and handed out $3k pay rises (eFC 23/2)
  • Barclays bonus pool rises for the first time in five years (Bloomberg 21/2)
  • BNP Paribas hiring relationship managers in Asia as it mulls Indonesia push (Banking & Finance 20/2)
  • HSBC bankers may need to prepare for lower bonuses (Bloomberg 19/2)
  • StanChart names new head of global banking in Singapore (Straits Times 14/2)
  • UBS cuts Asia investment banking bonus pool by 8% (Bloomberg 11/2)
  • DBS’s headcount +11% last year as it added 2,683 people, partly due to tech recruitment (eFC 18/2)
  • Macquarie eyes China growth, despite trade tensions (SMH 12/2)
  • Barclays has just hired 2,600 people in Asia with many in Pune (eFC 28/2)
  • Virtual bank license will be issued in end-March the earliest (Wenweipo, Chinese, 28/2)
  • Deutsche Bank’s 2018 results suggest likely headcount increase in both asset & wealth management (eFC 3/2)
  • 56% of Singaporean employers would consider hiring candidate who has a history of job hopping (Staffing Industry, 27/2)
  • Julius Baer to offer digital asset services (Coindesk, 26/2)
  • Investment banks struggling to find good junior talent (FinewsAsia 8/2)

Insurance

  • Zurich acquires technology company to position Zurich as a leader in automotive finance and insurance capabilities (DigInsurance, 26/2)
  • InsurTech funding reached nearly $1.6 billion in the final quarter of 2018, the highest since 2015 (DigInsurance, 26/2)

 

Buy side

  • Schroders To Buy Singapore-Based Wealth Manager (Wealth Briefing 1/2)
  • Restructuring experts and fundraising are the two hottest roles in buy side currently (eFC, 12/2)
  • Private Equity firms looking to increase focus on technology digital innovation and AI (Techwire Asia, 7/2)
  • Shortage of qualified Asset Management managerial talent in China looks to Hong Kong (PPPost, 28/02)

 

Tech / FinTech News

  • Higher wages for IT professionals in Australia and New Zealand, but diversity issues remain (Computer Weekly 20/2)
  • StanChart hiring for new digital bank in Hong Kong (eFC 20/2)
  • Mizuho CDO EMEA: “it’s about trying to automate and facilitate the business functions to be able to help themselves.” (WatersTechnology, 18/2)
  • IT talents receive 10-20% salary increase when changing their jobs (HK01, Chinese, 18/2)
  • Recruiting becomes challenging especially for Fintech and Risk Management, said General Manager of BEA (stheadline, Chinese, 22/2)
  • Local technology and banking hiring to persist in 2019 (Business Insider 7/2)
  • 80% of Singapore-based employees are positive that digital technology presents them with new opportunities (Staffing Industry, 5/2)
  • Fintech to drive Singapore’s job growth amidst rising business confidence (Michael Page, 17/2)
  • Local technology and banking hiring to persist in 2019 (SBR 7/2)
  • Singapore needs more Fintech talent  (TechWireAsia, 21/2)
  • Fintech Job Moves and the Hottest Open Positions in Singapore and HK (Fintech News 18/2)
  • IMAS launches digital accelerator program which provides mentorship for Fintechs (Finews Asia 28/2)
  • Tech start-ups and R&D receive big dole-outs from HK Budget (CW, 28/02)

 

Source: Efinancial Careers

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