Recruitment appetite in financial service sector dropped 13%

But Singapore is still relatively better than peers.

According to eFinancialCareers, recruiting across the Asia Pacific region has slowed in the financial services sector reflecting the mixed signals still coming from economies around the world. 

The number of job opportunities in the first quarter of 2013 has dropped by 20% compared to the same quarter last year.

Singapore’s financial services seem to be feeling the pinch less than elsewhere in the region. In Australia recruiting is down by 34% and in Hong Kong it is down by 24%, whereas in Singapore it has declined by 13%. According to George McFerran, Managing Director APAC at eFinancialCareers, Singapore’s comparatively positive position is partly due to the performance of the local banks.

“The level of recruiting in Singapore is above the average in Asia Pacific and one of the reasons for this is likely to be the strength of the local banks. Many have growing retail banking divisions; an area where we are seeing significant job creation as the banks build up teams to win an increasingly affluent customer base.”

In Asia Pacific there has been a 25% increase in retail banking jobs posted in the first quarter compared to Q1 last year. In the case of Singapore this can also be attributed to the increased competitiveness in the space following the Bank of China and the Industrial and Commercial Bank of China recently being granted full licences with Qualifying Full Bank (QFB) privileges.