Fewer graduates are seeking employment in investment banking in Singapore, with juniors moving into private equity, VC or tech roles, according to Morgan McKinley.
Private banks are competing fiercely for top bankers with large books and a proven revenue track record, while investment banks are struggling to find good junior talent as there has been a brain drain out of IB in the last three years, global professional services recruitment consultancy Morgan McKinley said in its 2019 Singapore Salary Report.
«Overall 2018 was a mixed year for front office banking and financial services candidates. We continued to see strong hiring in the private banking RM arena and in the fintech space,» Morgan McKinley’s Director of Banking & Financial Services Recruitment Jay Abeyasinghe said.
Roles in Demand
According to the firm’s review of front office banking and financial services, there was strong hiring in corporate banking world for RMs and ARMs, but hiring was weak in investment banking, with a number of banks continuing selective retrenchment of senior bankers in 2018.
Additionally, the IB market remains oversupplied with senior candidates, which will likely drive pay to stagnate in the coming year, according to Morgan McKinley.
In particular, private bankers at director level and above (including team lead and market lead), analysts and associates at investment banks, and transaction banking sales and coverage bankers are the roles and skills most in demand right now.
Stemming Brain Drain
According to Abeyasinghe, international investment banks are trying to stem the brain drain into PE and Tech by implementing policies that mirror life in tech firms, and improving the work life of junior staff.
«New policies such as less or no weekend work have been implemented among most of the bulge bracket banks. Also senior bankers are becoming more aware of the danger of losing juniors so are treating them with more patience and respect than before,» Abeyasinghe said.
