Local bank hiring stumbles as global jitters bite

But contractual hiring is on the rise.

Financial services companies in Singapore are less keen to add staff on back of intensifying global economic volatility, according to the a survey by recruitment firm Robert Walters.

In particular, hiring in the domestic banking sector has been negatively impacted by further cost cutting and increased offshoring. Widespread uncertainty following China's stock market collapse also meant that companies were reluctant to increase their permanent headcount.

Recruitment by securities and brokerage firms was also subdued, due to a slowdown in growth within both markets.

This resulted in an increase in contractual hiring, the report revealed.

"Whilst historically, it has not been seen as a viable career option, we are now seeing highly talented and qualified professionals becoming ‘career contractors’ in search of a better work-life balance and greater flexibility," the report said.