Retrenchments and a slowing economy have kept banking professionals on edge in recent months. The year has been inundated with news of job cuts from the banking industry, coupled with continued uncertainty on the horizon. With organisations under pressure to streamline operations, manage costs and protect their bottom lines, it is only natural that businesses and individuals struggle to keep an optimistic outlook amid the sluggish climate.
As a creative solution, banks are turning to contracting to mitigate costs and ensure there is sufficient headcount for critical projects.
Contracting continues to see a steady demand in the market - largely due to increased regulatory requirements as well as banks offshoring BAU functions. Despite the economy slowdown, we are seeing many more contracting requirements in the KYC and client onboarding functions. Banks are hiring contractors for their middle office, settlements and documentation teams. Local regulatory changes have also led to an increased demand for contracting professionals with risk and regulatory reporting backgrounds to assist in reporting formats and data compilation.
What banks are looking for:
- Ability to help business change and improve processes
- Possess the right balance of soft and technical skills, in order to assimilate into the role quickly and start contributing to the team
- Positive work attitude
What contractors can earn:
- Approximately S$2,300 per month for entry level positions
- Up to S$12,000 per month for senior level roles
Contracting opportunities in the market:
To support in rolling out risk management frameworks and coordinate implementation across the business and countries.
KYC and remedial roles
Opportunities for candidates with vast KYC knowledge and experience to advise and resolve any outstanding issues with internal stakeholders.
Opportunities for senior banking contractors with strong settlement knowledge in various asset classes such as FX, equities, bonds and derivatives.
Accounting roles in regulatory reporting
To support new or additional reporting requirements or manage system testing for the automation of reporting processes; help the bank improve their reporting processes and ensure they remain compliant to changing regulatory requirements.
Trade finance operations
Candidates with strong trade finance knowledge in both import and export documentation to review junior members’ work and manage specific complex cases.
To find out which banking talent are most sought-after in 2017 and salary trends, download our 10 most in-demand banking jobs report
If finding exceptional talent for your business is a key challenge or if you want to take your professional career to the next level, please get in touch with us.