ANZ Bank Reduced Headcount In Singapore By 20%

anz bank jobs in singapore

Previously, we reported that ANZ Bank was closing businesses and disposing $4 billion worth of assets in Asia. The bank has also been retrenching employees from various functions in Singapore.

An update on the situation in Singapore was reported by TODAY online, who were tipped by an anonymous employee at the bank.

Over the last year, ANZ Bank Singapore has reduced its headcount by approximately 20%. This amounts to over 400 jobs.

Employees who were laid off, received one month’s salary for every year of employment.

This is certainly a rough time for banks in Asia and so far retrenchments have been announced by Goldman Sachs, BarclaysStandard Chartered, CIMBANZ, UBS, JP Morgan and Nomura.

Given the number and breadth of layoffs in the industry, the situation becomes especially tough for job seekers, since the number of options available is relatively limited.

New Initiatives For Jobs In Singapore’s Hotel Industry

singapore hotel jobs

Singapore’re Workforce Development Agency (WDA) launched two new initiatives, to help job hunters and employees in the hotel industry.

The first initiative is called the Skills Framework for Hotel and Accommodation Services. The goal of the framework is to provide a guide for people to identify their interests, plan their career in the industry, know what skills/competencies are needed for the jobs they would like, and also learn about relevant training programs available.

Information on salary levels for various roles will also be available, to give people an idea of what compensation to expect.

For employers, the framework will be useful to ascertain what to look for in employees.

The second initiative is the Professional Conversion Program, which aims to help mid-career professional from other industries switch to the hotel industry. This will mainly be for roles in administration, project management and sales.

Under the program, participants will be hired and then taken through a training course, which will last approximately 5 months. The course will include lectures and also on-the-job training.

18 hotels in Singapore have signed-up to participate in the program. They will receive training grants and wage subsidies (up to 70%).

35,000 people work in the hotel industry in Singapore. At the moment there are around 2,100 job openings available in the sector, with 40% of these for PMETs (professionals, managers, executives and technicians).

When announcing the initiatives, Manpower Minister Lim Swee Say stated – “One key challenge faced by the industry is the shortage of manpower. With more hotels opening in the coming years the manpower situation will only get tighter. In the face of keener competition and to overcome the shortage of manpower, the industry is transforming and reinventing itself to be more productive, innovative and manpower-lean.”

Goldman Sachs Faces Tough Times In Asia. 30% Of Bankers Laid-Off

goldman sachs jobs in asia layoffs

Goldman Sachs is planning to lay off 30% of its investment banking staff in Asia (excluding Japan), where the firm currently employs around 300 people.

Most of the employees being laid off are from the Singapore and Hong Kong offices. However, staff in other offices in the region will be affected as well. In total, approximately 90 bankers will be made redundant.

In effort to expand in Asia and take advantage of the opportunities, Goldman spent a number years building its presence in the region. However, the increased presence did not lead to enough profit, due to market conditions and tough competition from local banks.

This year, there has been a decrease in the number of deals/offerings in Asia, as well as the revenue bankers earned from IPOs, M&A deals and debt offerings. Goldman Sachs also lost out to local competitors; for example in Hong Kong 7 of the top 10 IPOs this year were handled by Chinese banks (as per Bloomberg), and the ranking for Goldman is the lowest since 2008, as far as equity offerings in Asia are concerned.

Rising Unemployment & Surplus Job Seekers In Singapore (2Q2016)

singapore jobs

The Ministry of Manpower released their report for the job market in Singapore during 2Q 2016.

These are the highlights:

  • For the first time since 2012, the number of job hunters was more than the number of job openings available.
  • The unemployment rate increased in June 2016 to 2.1% (1.9% in March 2016). The rate was 3% for residents and 2.6% for citizens.
  • The number of people employed grew by 4,200 during 2Q 2016. This figure was 13,000 in 1Q 2016 and 9,700 in 2Q 2015.
  • 4,800 people were laid off during the quarter, as compared to 4,710 in the previous quarter.


Asian Job Market Outlook For Q4 2016

asia full and part time jobs

Manpower surveyed around 15,000 employers in the Asia Pacific region, to arrive at an outlook for the job market in 4Q 2016.

They measure hiring outlook using a term known as Net Employment Outlook (NEO), which is the percentage of employers expecting total employment to increase in their organisations, minus the percentage who think total employment will reduce.

Employers have the highest hiring plans in India and Japan, while those China and Singapore have the lowest.

Here is the NEO for various countries, along with a few highlights:

India (+31%) : Slightly weaker hiring plans compared to the previous quarter and year. The largest growth in jobs is expected in the Wholesale/Retail Trade and the Services sectors. India continues to have the strongest job market in the region.


Japan (+20%) : The job market in Japan remains tight, especially due to demographics. Most industries report good hiring levels, with Mining and Construction showing the most gains. This could be due to needs of the Olympics in 2020.


China (+5%) : Positive hiring is expected in all sectors and most regions in the country. The strongest growth is expected in the Services industry. Hong Kong (+13%)


Australia (+12%) : The country is showing signs of a mild rebound in hiring. All industries expect increased hiring levels, with the best outlook for Transportation & Utilities, Services, and Finance.


Singapore (+8%) : Hiring activity is forecast to decline for the seventh quarter in a row and to levels which are the weakest since 2009.


Singapore Job Market At Its Weakest Since 2009

singapore job market 4q 2016

Manpower sought inputs from around 60,000 employers, in 43 locations around the globe, to arrive at an outlook for the Singapore job market in 4Q 2016.

They measure the hiring outlook using a term known as Net Employment Outlook (NEO), which is the percentage of employers expecting total employment to increase, minus the percentage who think total employment will drop.

Employers in Singapore report steady hiring intentions, with 73% expecting no change in staff levels, 5% planning a reduction and 13% looking at an increase.

That brings the NEO for Singapore to +7% in  4Q 2016. This is the lowest number since 3Q 2009.

singapore job market 4q 2016

Employers in most industries have low but positive hiring plans. The Finance, Insurance and Real Estate industry is the most positive, while the lowest hiring is expected in the Mining & Construction sector.

Here is the breakdown of NEO for various industries:

  • Finance, Insurance & Real Estate (+19%)
  • Services (+15%)
  • Public Administration & Education (+7%)
  • Transportation & Utilities (+6%)
  • Manufacturing (+5%)
  • Mining & Construction (-2%)
  • Wholesale & Retail Trade (+1%)

hiring industries singapore 4q2016

Compared to the previous quarter, hiring expectations are weaker in four out of the seven industries. When comparing to the same period last year, five industries show a decline.


Cognizant Is Hiring For Business And Technology Jobs In Singapore

cognizant jobs in singapore

Human Resources Online, recently spoke with the Asia Pacific head of Cognizant, to get a sense of their hiring intentions this year.

Cognizant has around 1,500 employees in Singapore at the moment and it is planning on hiring 100 more people in 2016.

The company is looking for business and technology professionals, who have experience in sectors such as life sciences, information/media/entertainment, retail, logistics, manufacturing and banking & financial services.

More specifically, Cognizant is looking for the following skills for jobs in Singapore:

  • Digital technologists and strategists.
  • Process automation specialists.
  • Domain and business consultants.

Barclays Shuts Down IT Operations In Singapore

barclays layoff jobs in singapore

As per reports, Barclays is planning to layoff around 100 employees in Singapore. The employees are from the IT Operations department.

Barclays provided a statement confirming that they will be cutting jobs but did not mention how many staff will be let go.

The move is part of cost reduction efforts at the bank and they will be moving the IT department to India.

Previously,  Barclays had a round of layoffs in May 2016, which were also from the IT function. The bank also closed down its Cash Equities activities across Asia this year.

Other banks which laid-off employees in 2016 include Standard Chartered, CIMBANZ, UBS, JP Morgan and Nomura.

Local Banks In Singapore Are Seeing A 70% Rise In Job Applications

local banks in singapore more salary bonus

Foreign banks in Singapore used to pay higher salaries and bonuses, when compared to local banks.

However, according to a report in the Singapore Business Review, that is no longer the case. Local banks in Singapore now offer bonuses which are much higher than their foreign counterparts. They are also offering salary increments of up to 15%.

Due to this development, as per Lim Chaileng – Director at Randstad Singapore, local banks are seeing a 70 percent jump in job applications.

Another reason behind the increased preference for local banks, is because people see them as relatively stable employers, given the restructuring and layoffs that have been taking place at foreign banks such as Standard Chartered and Barclays.

Online Hiring Activity Declines In Singapore During July 2016

monster employment jobs index singapore

Online hiring activity in Singapore declined by 2% YoY in July 2016.

This is as per the Monster Employment Index, which looks at the number of job advertisements, including a breakdown by functions and industries. The index includes employer job opportunities from a selection of career websites across Singapore.

The biggest growth in activity was seen in the IT, Telecom/ISP and BPO/ITES sector, which recorded annual growth of 14%. Next in line were the Hospitality industry (7%), and the Government/Defense/PSU sector (6%).

Banking, Financial services and Insurance (BFSI) continued its decline, with the lowest activity of all the sectors (-8%).

In terms of specific jobs, good growth was reported for Software, Hardware, Telecom jobs, while Real Estate roles saw the largest decline at -24%.

monster employment jobs index singapore


Employment Index Shows Optimism In India (July 2016)

top jobs in india july 2016

The Monster Employment Index (MEI) for India, reported a 19% year-on-year increase in online recruitment activities during July 2016.

The index looks at the number of job advertisements, including a breakdown by functions and industries. It includes employer job opportunities from a selection of career websites across India.

As per the study, the IT industry in India made a comeback with a growth of 51% YoY. This was after an extended period of deceleration. The sector now has demand for people with a specialized skill set, due to extensive digitization of manual processes.

The Education sector did well also and showed growth of 74%. There have been a host of government initiatives which made the sector perform well this year.

There was a big decline in demand for senior management roles . This was due to cost cutting across industries, with companies increasingly investing in low cost employees, as opposed to expensive senior level employees.

According to Sanjay Modi, Managing Director for Monster, APAC & Middle-East – “Overall, there is an atmosphere of impending optimism in the coming months in the Indian job market.

overall india jobs july 2016


industry growth india july 2016


top jobs in india july 2016


cities with most jobs in india july 2016

Tesco Is Laying Off 600 Employees In Malaysia

tesco layoff fire jobs malaysia

As per press reports, Tesco, the British retailer, is firing around 600 employees in Malaysia.

The company operates 55 stores/hypermarkets in the country and ranks thirds in terms of market share.

Tesco was profitable for 7 years in Malaysia but it ran into trouble in recent years and reported losses in 2015 and 2016.

The layoffs are part of an effort to turnaround the business. Other initiatives include:

  • Optimizing the size of its stores.
  • Improving customer service
  • Reorganizing, improving and simplifying the management structure.

The company will also be exploring whether any of the affected employees can be transferred to other roles within the business.