Tuesday, Oct 13, 2009

Apparently bankers are in demand after all

FT: Third of staff at RBS Coutts Singapore quit

RBS Coutts, the international arm of the UK private bank, is scrambling to rebuild its flagship Singapore office after the mass resignation of one-third of its staff in the city-state. A lack of annual bonus prospects is believed to be a factor behind some of the resignations at the division, owned by Royal Bank of Scotland, which was rescued by the UK government last year. Rivals are aggressively hiring established private bankers with track records in Asia to expand operations, keen to manage a slice of the wealth being created in the region. Singapore is the centre of the group’s offshore private banking activity in fast-growing areas such as south-east Asia and India.

Posted by drewster @ 12:31 AM (1563 views)
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4 Comments

1. drewster said...

Are banks hiring again? Does anybody have anecdotal evidence? The Telegraph's "Alex" seems to think so:

Tuesday, October 13, 2009 12:33AM Report Comment
 

2. fallingbuzzard said...

HSBC, but next year and selectively.

Tuesday, October 13, 2009 01:04AM Report Comment
 

3. paul said...

The banks will never be returning to the heady early 2007 days.

As the credit boom is gone and regulation tightens, watch banking evolve into a very boring, much more moderately paid profession over the next few years. They were never that good at adding value anyway - only the fractional reserve system made it appear so.

Tuesday, October 13, 2009 08:19AM Report Comment
 

4. stillthinking said...

Surely it isn't the lending aspect of banking, but instead the volatility of market prices which provides a mini-boom for finance? E.g. as there are more dramatic shifts in currencies, more money goes through currency trading, the more activity the better.

Really, you could argue that volatile markets are inherently overpriced relative to stable markets(if there are any) because they represent the big casino so they get more "visitors" and there is more "money" walking around the tables. Now must be a fantastic time to be a trader with some experience (or financial house), because there are many more people(learners) looking at managing their wealth themselves out of desperation,

Tuesday, October 13, 2009 09:46AM Report Comment
 

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