European bankers seek refuge in Singapore

Singapore – As the banking crisis continues to loom in Europe, bankers are finding new locations to set up camp while waiting for the storm to ride out.

CNBC reported recruitment firms have seen a rise in the number of European bankers keen on relocating to Singapore, with Stella Tang, director at Robert Half, witnessing a 20% jump in the number of those wanting to move. She added most firms here are planning to increase their headcount this year.

Hudson, on the other hand, have seen a 50% increase in the number of queries for Singapore-based jobs. “The market conditions in places like Europe and the U.K. continue to deteriorate and there is a perception out there that market conditions are significantly better in Singapore,” Craig Brewer, Director of Banking, Financial Services & Legal at Hudson said.

However, despite the strong interest to relocate here, European bankers must be prepared to take a pay cut of anything from 10% to 30%. But that may not be enough to put them off, as Andrew Norton, regional manager at Michael Page says bankers are now willing to forgo an expat package or additional allowances.

Aside from expat bankers keen on coming into the region, more Asian bankers are also returning home, many driven by the same doom and gloom currently shadowing the US and European markets.

“They [Asian-born bankers] feel the risk-reward trade-off is better and that they can add more value through local expertise and language skills,” Norton said.

By: Sabrina Zolkifi, Singapore