Singapore banks still hiring, but cautiously, amid current gloom
Institutions in Europe and US hit by job cuts
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Banks in Singapore say they will keep hiring staff despite the current gloom.
This is a breath of fresh air, amid the job cuts that have swept the United States and Europe in recent weeks. An estimated 50,000 jobs have so far been affected in banks such as Credit Suisse, HSBC, Barclays, Royal Bank of Scotland and Goldman Sachs.
As in 2008, banks worldwide are in the eye of the gathering financial storm.
Background story
Across the board, banks also seem to be ramping up their wealth management businesses, with most banks trying to recruit relationship managers, making the market highly competitive.
However, despite their relatively upbeat outlook, banks here have added a caveat: Hiring in the next few months will be done more cautiously, in the light of the global economic uncertainties.
