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[h=2]More European bankers fleeing to Singapore looking for jobs[/h]
June 30th, 2012 |
Author: Editorial
More bankers in Europe are fleeing the current EU financial crisis and heading to Singapore looking for jobs.
Several global recruitment agencies said they have seen a significant increase of enquiries from European bankers wanting to relocate to Singapore.
At recruitment firm Hudson alone, more than half of enquiries for Singapore banking jobs now come from Europe since Sep last year. Most of the European applicants are looking for investment banking jobs.
A spokesman of Hudson said, “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.”
As the financial crisis in Europe deepens, banks are cutting staff in Europe. Credit Suisse is reported to be cutting senior staff in its European investment banking arm by up to a third. A source said, “In the European investment banking business, they (Credit Suisse) are going to get rid of 60 directors and managing directors.”
Other major investment banks in Europe have also begun cutting jobs after a rough second quarter as the need for cost-cutting increases.
A 37-year-old French investment banker from Paris has been looking for a job in Singapore for the past six months. She said that even her husband, a portfolio manager, was on the lookout for jobs in Singapore. They will move to Singapore with their family as soon as one of them gets a job in Singapore.
She said, “Singapore seems like a very green field compared to Paris. It looks like what Europe was 20 years ago, in the sense it’s got a lot of opportunities in terms of new prospects for the markets.”
She added, “It’s very, very slow here (in Europe). On top of that, there are a lot of regulations adding up on each other, so it makes things a bit difficult.”
She is not going to find jobs anywhere else except in Singapore. She said, “Singapore overall is a very friendly Asian place compared to all the other ones. It’s not only number one, there’s no number two.”
Another recruitment firm said these European bankers are willing to relocate without expatriate packages which include housing and school allowances. However, they get compensated by the low tax rate in Singapore and in fact, some even find themselves in a better-off position working in Singapore.
Malaysian Kwok Wai Keng, 33, said, “Out of Southeast Asia, I believe Singapore is the only place that’s really going to offer the same level of finance jobs that I would have gotten say in New York or London.”
Kwok added, “You don’t have to contend with the doom and gloom I suppose that people in New York and Europe face, because I don’t think there’s the same amount of pessimism here.”
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More bankers in Europe are fleeing the current EU financial crisis and heading to Singapore looking for jobs.
Several global recruitment agencies said they have seen a significant increase of enquiries from European bankers wanting to relocate to Singapore.
At recruitment firm Hudson alone, more than half of enquiries for Singapore banking jobs now come from Europe since Sep last year. Most of the European applicants are looking for investment banking jobs.
A spokesman of Hudson said, “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.”
As the financial crisis in Europe deepens, banks are cutting staff in Europe. Credit Suisse is reported to be cutting senior staff in its European investment banking arm by up to a third. A source said, “In the European investment banking business, they (Credit Suisse) are going to get rid of 60 directors and managing directors.”
Other major investment banks in Europe have also begun cutting jobs after a rough second quarter as the need for cost-cutting increases.
A 37-year-old French investment banker from Paris has been looking for a job in Singapore for the past six months. She said that even her husband, a portfolio manager, was on the lookout for jobs in Singapore. They will move to Singapore with their family as soon as one of them gets a job in Singapore.
She said, “Singapore seems like a very green field compared to Paris. It looks like what Europe was 20 years ago, in the sense it’s got a lot of opportunities in terms of new prospects for the markets.”
She added, “It’s very, very slow here (in Europe). On top of that, there are a lot of regulations adding up on each other, so it makes things a bit difficult.”
She is not going to find jobs anywhere else except in Singapore. She said, “Singapore overall is a very friendly Asian place compared to all the other ones. It’s not only number one, there’s no number two.”
Another recruitment firm said these European bankers are willing to relocate without expatriate packages which include housing and school allowances. However, they get compensated by the low tax rate in Singapore and in fact, some even find themselves in a better-off position working in Singapore.
Malaysian Kwok Wai Keng, 33, said, “Out of Southeast Asia, I believe Singapore is the only place that’s really going to offer the same level of finance jobs that I would have gotten say in New York or London.”
Kwok added, “You don’t have to contend with the doom and gloom I suppose that people in New York and Europe face, because I don’t think there’s the same amount of pessimism here.”
.
Join our TRE facebook page here: http://www.facebook.com/TREmeritus
Our dear Ho Ching can't do it all. She needs help to launder all those $$$$$
