Citi will likely hire from local banks and competitors such as HSBC and Standard Chartered as it takes on more that 330 relationship managers for its wealth team in Singapore by 2025.
The bank announced the new hiring in a statement today, alongside an aim to double AUM growth and triple the number of wealth clients in Singapore.
Even though the hiring is over five years, recruiters say it is substantial and will put pressure on an already tight job market for RMs in Singapore. “We are confident of the talent pool available in Singapore,” says a Citi spokesperson, without providing further detail.
Where will Citi get its new talent from? Local banks DBS, OCBC and UOB will be its first point of call, as will HSBC and Standard Chartered, both of which have sizeable RM headcounts in Singapore, says former HSBC banker Rahul Sen, now global head of private wealth management at The Mulsanne Partnership. Citi is still regarded as a “step up” for RMs from domestic firms, says Sen.
“Finding RMs on this scale is always going to be challenging for any bank, because demand exceeds supply, so we may see fairly generous pay increments on offer,” says a Singapore-based recruiter.
Sen believes that Citi will also look to hire salespeople from the corporate sector, especially for jobs involving clients at the lower end of the mass-affluent league. “It’s probable that some of the more entry-level roles will be opened up to people with strong sales skills who can then be trained up in financial products,” adds the Singapore recruiter.
Earlier today Citi opened its largest wealth hub globally, dedicated to Citigold and Citigold Private Client customers, on Orchard Road. Launching a glamorous new office – the hub features an indoor conservatory and “garden-pod” meeting stations – is not the most obvious way to attract talent during a pandemic. But over the longer term, recruiters in Singapore say it will help Citi to stay competitive in a wealth management job market that is suffering from chronic skill shortages.
Jane Fraser, Citi’s incoming CEO, said last week that Singapore was a natural location for its number-one global wealth centre, because clients feels secure booking their wealth there and there are “opportunities for a diverse and strong capital market in which they have confidence”.
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