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The Singapore banking jobs where you have no future

Recent waves of redundancies at global banks (most recently at Deutsche) in Singapore have one common characteristic – they’ve been aimed largely at expensive senior staff. While job hunting at the top of the banking tree has always been more difficult than at the bottom, the difference is now even more extreme.

But in which particular parts of Singapore financial services is it toughest (and easiest) for experienced staff to get work? To find out, we analysed our database across 13 key finance job functions and compared the number of Singapore-based vacancies demanding at least 10 years’ experience with the number of local CVs at the same level.

In the sectors toward the top of the table (see below), older candidates are currently enjoying more straightforward job searches.

In quantitative analytics – an expanding function which demands strong academic credentials – there are ‘only’ 36 resumes on our database for every Singapore vacancy. M&A is, perhaps surprisingly, second on our list, but this is likely due to a shortage of senior bankers who want to stay in the sector,  rather than an abundance of M&A jobs at banks. Over the past two years, Asian bankers have increasingly been hired into jobs within the corporate development teams of tech firms such as Grab and Alibaba.

Senior candidates also face less competition in asset management and private equity, largely because experienced buy-side professionals in Singapore remain thin on the ground.

But even in these comparatively buoyant functions, the trend is clear: senior jobs are hard to come by right now in Singapore.

Lower down the table, several job functions have CV-to-vacancy ratios of more than 100. While the job market in private banking remains buoyant, most private banks are holding back recruitment until early 2020 when their hiring budgets open up again after bonuses are paid.

If you’re a senior operations professional looking for a job in Singapore right now, good luck. While there are bright spots in the back office (KYC chief among them), cost cutting is still of the essence. Banks are either still offshoring operations roles to cheaper markets like India or hiring junior operations staff into Singapore-based jobs.

Post -trade specialists and trade support specialists are among the operations jobs at high risk of being cut due to automation over the next three to five years, according to an April report commissioned by the Institute of Banking and Finance and the Monetary Authority of Singapore.

Image credit: Evan Dennis, Unsplash

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AUTHORSimon Mortlock Content Manager

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