Tuesday, October 13, 2009
Apparently bankers are in demand after all
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 groupâ€™s offshore private banking activity in fast-growing areas such as south-east Asia and India.