How to get a sign-on bonus in Singapore
Singapore’s private banking sector seems to be largely immune from the chill engulfing financial markets. There are few signs of a slowdown in hiring in the country, despite cost cutting and declines in global assets under management at Swiss private banks such as Credit Suisse, UBS, Vontobel and EFG.
“There is no pause in hiring private bankers,” says Lim Chai Leng, general manager at Randstad Singapore. “If I was able to put across a good private banker, the banks would still like to have a chat.”
In a sign of the tight market, relationship managers that change jobs can expect a 20% to 30% increase in base salary.
Most private banks are also offering sign-on bonuses to compensate relationship managers who jump ship ahead of their annual bonus payments. They are also holding interviews to secure staff in the post-bonus period early next year.
Lim says hiring conditions in Singapore’s financial sector have cooled somewhat from earlier this year, but describes the current job levels as roughly 70% to 80% of its peak level. Her firm is currently seeking to hire for 10 roles for private banks, conditions which she describes as “normal” for this time of year.
“Gone are the days when private bankers just jump from one place to another,” says Lim. “I think during the recruitment process banks are generally going into deeper conversations about their business plans, what sort of client profile they [relationship managers] have and what they are able to achieve in terms of revenue targets.”
Private banks are aggressive in recruiting relationship managers who have a track record of meeting revenue targets, she adds. “At the end of the day they are the revenue generator, so if they go slow on hiring relationship managers they might have issues in the longer run,” says Lim.
The current turmoil surrounding Credit Suisse has helped to put a shine on Asian banks that are seen as having a healthier balance sheet. “Local banks with a head office in Singapore will definitely be a lot more attractive as compared to other European banks where a bank’s ratings may not be as strong because of the current economic situation," says Lim.
Photo by Tim Mossholder on Unsplash
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