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SALARY SURVEY 2013 - Robert Walters Singapore

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PARISPARISBANKING&FINANCIALSERVICESPARISBANKING&FINANCIALSERVICESBANKING&FINANCIALSERVICES<strong>Robert</strong><strong>Walters</strong>GlobalSalarySurvey<strong>2013</strong> 88Ourinvestmentbanking&financialservicesdivisionrecruitsformiddleandfrontofficepositionsforfinancialinstitutions.Werecruitacrossinvestmentbanking,retailbanking,assetmanagementandtheprivatebankingsectors.InvestmentBankingMarketOverviewThebankingandfinancialservicesjobsmarketwasseverelyimpactedbytheeconomicandregulatoryenvironmentin2012.Becauseofthis,manyfirmsimplementedheadcountfreezesandadopteda‘wait-and-see’approachtotheirrecruitmentstrategy.Wheretheydidhire,banksfocusedonrecruitingseniorprofessionalswhocouldaddvalueimmediately.Forexample,intensifyingregulatorypressureledtoincreaseddemandforexperiencedcross-functionalriskprofessionals.Forallroles,employerssoughtcandidateswithstrongtechnicalskills.Althoughfixedremunerationlevelsremainedstablethroughouttheyear,bonuslevelsdroppedsignificantlyandoverallpayoutswerelowerthanin2011.Outlookfor<strong>2013</strong>Despitethefinancialservicesmarketlookingbleakheadinginto<strong>2013</strong>,weanticipatepocketsofrecruitmentthroughouttheyear.Specifically,corporatebankinganddebtfundsprofessionalswillremainindemand.However,firmsarelikelytoprimarilyconcentrateonreconsolidatingratherthanbuildingtheirteams.RetailBankingMarketOverviewRetailbankingjoblevelsfellinthesecondhalfof2012astheliquiditycrisisledtheseinstitutionstobecomemorecautiousintheirrecruitmentapproaches.Thiscautionisalsosharedbycandidates,whoaremorereluctanttoacceptnewopportunitiesandthereforemoredifficulttorecruit.Wheretheywerehiring,employersfocusedonrecruitingriskspecialistsorprofessionalswhocouldgeneraterevenue.Whilesalaryriseswererare,professionalsintheseareasofexpertisetypicallysecuredincreasesofaround15%whenmovingjobs.Outlookfor<strong>2013</strong>Inadditiontotoughtradingconditions,banksremaincautiousduetoincreasedtaxationrates(i.e.bothpayrollandemployeesavingstaxes),whichwillbeintroducedimminentlyandBaselIIIruleswhichareduetocomeintoforceinJanuary<strong>2013</strong>.However,theageingworkpopulationislikelytoleadtoarelativelyhighvolumeofretirementssoweexpectfirmstocontinuerecruiting.

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