Banks woo talent for less glitzy back-end jobs

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					                                                               Publication: The Straits Times, p H24
                                                               Date: 9 November 2007

                 SMU                                           Headline: Banks woo talent for less glitzy backend jobs




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                                                                                                                          MS ENSLOW,.an W n g top b a e k d staff




Banks woo talent for
                                                                                                                                                ing but a new operations cen-
                                                                                                                                                tre in Changi announced last
                                                                                                                                                week will have a ca acity for
                                                                                                                                                4,000 staff by 2016. This is
                                                                                                                                                1,000 more than the 3,000 op-
                                                                                                                                                erations and technology staff


less glitzy back-end jobs                                                                                                                       it now employs in Singa dre.
                                                                                                                                                    The acute need for ack-
                                                                                                                                                end staff is prompting banks
                                                                                                                                                to relook their remuneration
                                                                                                                                                policies.
                                                                                                                                                    Ms Angela Kuek, banking
                                                                                                                                                                                    \

                                   erations centres they set up       of our competitors have made       about two back-end staff sup-          and financial services manag-
Growth in private,                 here in recent years.              Singapore a regional or global     porting him or her."                   er at recruitment firm Hudson
                                                                                                                                                Global Resources, noted that
investment banking                     Better salaries and fast-
                                   track programmes are some of
                                                                      operations centre," said Ms Pa-
                                                                      tricia Enslow, UBS' Asia-Pacif-
                                                                                                             At Credit Suisse, 3,500 of
                                                                                                         its 4,500 staff in Singapore are       as "revenue generators"
fuels firm demand                  the ways they hope to              ic head of market strategy and     involved in sup ort services.          front-end staff tend to get paid
for operations staff
                                                              Per-
                                   suade fresh graduates to ook
                                   beyond front-end jobs - often
                                                                      development for wealth man-
                                                                      agement.
                                                                                                                                 public poli-
                                                                                                             Its ~ s i a - ~ a c & c
                                                                                                         cy head, Mr Jose Camacho,
                                                                                                                                                1 0 to 15 per cent more. And
                                                                                                                                                that is before bonuses and
                                   favoured for their perceived           Some of the lobal finan-       said the increasing complexity         commissions.
                                   glitz and potentially astronom-
                                   ical bonuses.
                                                                                       'L
                                                                      cial giants that ave set up
                                                                      shop in the Republic include
                                                                                                         of new roducts, risk monitor-
                                                                                                         ing an8 regulatory require-
                                                                                                                                                    "Generally, people aspir-
                                                                                                                                                ing to enter the banking sector
                                      UBS' rivate banking arm         Credit Suisse, Merrill Lynch,      ments are fuelling the expan-          will go for the glamourous
THEIR work may not take                    i!
                                   has intro uced a management
                                   associate rogramme to at-
                                                                      Deutsche Bank, Barclays Capi-
                                                                      tal and Citigroup.
                                                                                                         sion in the bank's middle and
                                                                                                         back-office functions.
                                                                                                                                                front-end ositions," she said.
                                                                                                                                                    ~ u~ t % m l o w the pay
                                                                                                                                                          s        said
them to fancy restaurants, nor                                                                                                                  gap between front- and back-
do they get to rub shoulders       tract high-fl yers for jobs such       The rush for operations tal-       Citigroup's aggressive             end executives has been nar-
with the rich and powerful.        as marketing and training.         ent is also the result of rapid    growth plans and a trend of lo-        rowing, especially at senior
                                      The Swiss bank s ends           growth in their Asian units. As    cating work away from more
    But opportunities are plen-
tiful for those willing to forgo
                                   more than US$10 ,000    1
                                   (S$144,400) over 18 months
                                                                      they expand their armies of
                                                                      sales-winning front-enders,
                                                                                                         expensive America and Eu-
                                                                                                         rope will necessitate more sup-
                                                                                                                                                management levels.
                                                                                                                                                    Mr Butcher said this was be-
the ghtz and glamour of invest-    on each candidate, who will        the need for all sorts of sup-     port staff, said Mr Andrew
ment or private banking.           be trained at a swish campus       port executives - such as cash     Butcher, who heads its middle
    Banks are racing to hire       located at the residence of the    managers, fund accountants         and back-office operations in
thousands of "back-end" sup-       late former president Ong          and information technology         the Asia-Pacific.
port staff in Singa ore and are    Ten Cheong.                               eers - rises even more.         He declined to disclose            bryanlee@sph.com.sg
                  E
pulling out all t e stops to
woo talent to fill up global op-
                                       "%he competition for talent
                                   has intensified greatly. A lot
                                                                      e% s Enslow said: "For every
                                                                      private banker, there will be
                                                                                                         how many more support staff
                                                                                                         the American bank will be hir-
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