Hiring chances in banking, financial services sector jumped to 50%

Find out more about other industries.

Maybank Kim Eng said in its report that according to leading recruitment agency Hudson, Singapore’s labour market is expected to tighten this year with overall hiring expectations down in 1Q142 compared with the previous quarter.

It marks the second consecutive quarter of a decrease in “intention to hire” for almost all industries. The exception was the banking and financial services sector, which has seen a 7.4ppt QoQ increase in positive hiring intentions to 50%.

Here's more from Maybank Kim Eng:

Positive hiring intentions in this sector have risen for over three consecutive quarters, thanks to increasing confidence in Singapore as an offshore trading centre for the Chinese yuan following the two countries’ decision to trade currencies directly.

Hudson sees heightened demand for risk and compliance professionals, especially those with the right skill set as well as local market knowledge and experience.

Nonetheless, the recent announcements by Barclays and Royal Bank of Scotland to cut their global workforce by 12,000 and 30,000, respectively, continue to cast a shadow on hiring prospects for investment banking professionals.

We note that net job creations in the financial and insurance services sector bottomed out in 2Q13, with the numbers still below the 2007 and 2010 peak levels. Nonetheless, we do not expect a sharp rise in employment figures, given the sub-trend GDP growth and unlikely pick-up in financial services activities in 2014.

On the other hand, a bigger slip-up, one that many had feared would follow in the wake of the Global Financial Crisis, did not appear on the cards as well, with stronger growth in the West and China pushing ahead with its structural reforms. Office rentals thus may see modest, if not steady growth this year on account of subdued headcount additions.