BANKING giant Standard Chartered will hire 100 private bankers over the next 12 months, despite a weak hiring forecast for the financial sector.
The British-listed lender, which has a major presence in Singapore, aims to bolster the presence of its wealth management arm in fast-growing markets across Asia, Europe and the Middle East.
Although StanChart declined to elaborate further, a bank source said most of the new hires will probably be based in Asia, with the remaining going to Europe and the Middle East.
The global head of its private bank unit, Mr Peter Flavel, said yesterday that despite the challenging economic climate, the bank is in good shape, allowing it to grow and support the increasing needs of its clients.
'As we're seeing a continuing increase in client demand for our private banking services, we will continue to invest in attracting talent to further strengthen our proposition,' said Mr Flavel.
He added that the bank is looking for talented people who possess excellent track records and would be consistent in meeting the expectations of its high net worth clients.
'We are here to meet clients' needs. To achieve this, we need a certain type of relationship manager - someone with exceptional people and advisory skills, a strong team player, commitment to building long-term partnerships with clients.'
StanChart bucked the trend of the banking sector by reporting that profits for last year had soared 19 per cent to a record US$4.8 billion (S$7 billion).
About 100 relationship managers out of its private bank's worldwide total of 350 are based in Singapore, its global headquarters.
The bank's move to beef up its wealth management unit goes against the grain of employment forecasts for the banking and finance sector.
Last week, a report from the recruitment group Kelly Services Singapore said the finance industry, which saw major retrenchments in recent months, has seen the 'most significant' change in its hiring strategies.
It said financial institutions have adopted a 'more cautious recruitment approach owing to the weaker Singapore economy and the global financial turmoil'.
- The Straits Times
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