Hiring sluggish for foreign private banks

Recruitment among foreign private banks in Singapore has slowed down considerably. Speaking at the launch of its newly renovated office, Olivier Denis, head of OCBC's private banking unit said that one reason for the slowdown in hiring could be market instability, but bankers also realised that clients were unwilling to shift their money from one bank to another too often.

"Has the market slowed down in terms of active recruitments? I think it has, yes. This business is about long-term relationships. If you jump as a relationship manager every two years, you start from scratch all over again," he said.