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Thread: Bankers Fleeing Europe Crisis Head to Singapore

  1. #1
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    Default Bankers Fleeing Europe Crisis Head to Singapore

    Bankers Fleeing Europe Crisis Head to Singapore

    Published: Friday, 29 Jun 2012 | 6:20 AM ET

    A 37-year-old Paris-based French investment banker, who’s worked in London and New York, has been looking for a job in one of Asia's financial hubs, Singapore, for the past six months.

    A director at an asset management firm owned by one of France’s big banks, she asked to stay anonymous, but told CNBC that even her husband, a portfolio manager, was on the lookout for work in Singapore.

    She added that they would move to the city-state with their two children as soon as one of them lands a job.

    “Singapore seems like a very green field compared to Paris,” she said. “It looks like what Europe was 20 years ago, in the sense it’s got a lot of opportunities in terms of new prospects for the markets.”

    The French investment banker is one among a growing number of bankers looking to leave Europe as deteriorating economic conditions together with tougher regulations have slowed business and led to job cuts.
    “It’s very, very slow here [in Europe]. On top of that, there are a lot of regulations adding up on each other, so it makes things a bit difficult,” she said.

    Several global recruitment firms have told CNBC they’ve seen a significant increase recently in the number of European bankers wanting to relocate to the Southeast Asian city-state.

    According to Stella Tang, Director at recruitment agency Robert Half, there has been a 20 percent increase in investment banking applicants from Europe since 2009, with Europeans now overtaking the Americans.

    At recruitment firm Hudson, more than 50 percent of inquiries for Singapore-based finance jobs have been coming from Europe since September last year, with the majority of applicants looking for investment banking roles.

    “The market conditions in places like Europe and the U.K. continue to deteriorate and there is a perception out there that market conditions are significantly better in Singapore,” Craig Brewer, Director of Banking, Financial Services & Legal at Hudson said.

    Though Singapore has very close trade and financial links with Europe and there are worries that a further escalation in the euro zone debt crisis could push its economy into turmoil, firms in the city are still hiring.

    “The drive to hire is strong among the largest ones [companies], where 45 percent of them said [in a survey] they are increasing their head count this year,” Tang said.

    But despite the bullishness over Singapore’s job market, Tang adds that the financial center has not added a huge number of investment banking jobs over the past year, and Europeans coming here have had to take a salary cut.

    “When U.S. or U.K. investment bankers come to Singapore or Hong Kong, they will have to take a pay cut. The pay cut could be anything between 10 to 30 percent,” she said.

    Andrew Norton, Regional Managing Director South East Asia, at Michael Page International backs that trend saying he’s seen bankers from Europe willing to relocate without expatriate packages that include housing and school allowances.

    He adds that what they lose out in terms of perks gets compensated by the low tax rate in Singapore. “In fact, some of these candidates find themselves in a better-off position compared to when they were in the U.S. and Europe,” he said.

    Asian Bankers Returning Home

    The slowness in European and U.S. markets is also leading to more Asian-born bankers returning home to work, according to Norton.

    “They [Asian-born bankers] feel the risk-reward trade-off is better and that they can add more value through local expertise and language skills,” Norton said.

    Malaysian-born Wai Keng Kwok, 33, is one Asian-born banker looking to make a fresh start in Singapore. Kwok moved to the island-nation in February, after working for Morgan Stanley in New York for five years, to take up the role of chief operating officer at a local hedge fund started by a friend.

    Kwok says she decided to move to Singapore to be closer to her parents living in neighboring Malaysia and because she didn’t think she would be able to get the same level of entrepreneurial opportunity elsewhere, particularly in Europe.

    “Out of Southeast Asia, I believe Singapore is the only place that’s really going to offer the same level of finance jobs that I would have gotten say in New York or London,” Kwok, a Yale and INSEAD graduate, said.

    With the recent cutbacks by U.S. and European banks, Kwok says it’s nice not to have to constantly worry about losing your job.

    “You don’t have to contend with the doom and gloom I suppose that people in New York and Europe face, because I don’t think there’s the same amount of pessimism here,” Kwok said.

    The French investment banker looking for a job in Singapore adds that she is not going to go anywhere else.

    “Singapore overall is a very friendly Asian place compared to all the other ones. It’s not only number one, there’s no number two,” she said.

    - By CNBC's Rajeshni Naidu-Ghelani
    http://www.cnbc.com/id/48007972

  2. #2
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    Quote Originally Posted by maisonjai
    Bankers Fleeing Europe Crisis Head to Singapore

    Published: Friday, 29 Jun 2012 | 6:20 AM ET

    A 37-year-old Paris-based French investment banker, who’s worked in London and New York, has been looking for a job in one of Asia's financial hubs, Singapore, for the past six months.

    A director at an asset management firm owned by one of France’s big banks, she asked to stay anonymous, but told CNBC that even her husband, a portfolio manager, was on the lookout for work in Singapore.

    She added that they would move to the city-state with their two children as soon as one of them lands a job.

    “Singapore seems like a very green field compared to Paris,” she said. “It looks like what Europe was 20 years ago, in the sense it’s got a lot of opportunities in terms of new prospects for the markets.”

    The French investment banker is one among a growing number of bankers looking to leave Europe as deteriorating economic conditions together with tougher regulations have slowed business and led to job cuts.
    “It’s very, very slow here [in Europe]. On top of that, there are a lot of regulations adding up on each other, so it makes things a bit difficult,” she said.

    Several global recruitment firms have told CNBC they’ve seen a significant increase recently in the number of European bankers wanting to relocate to the Southeast Asian city-state.

    According to Stella Tang, Director at recruitment agency Robert Half, there has been a 20 percent increase in investment banking applicants from Europe since 2009, with Europeans now overtaking the Americans.

    At recruitment firm Hudson, more than 50 percent of inquiries for Singapore-based finance jobs have been coming from Europe since September last year, with the majority of applicants looking for investment banking roles.

    “The market conditions in places like Europe and the U.K. continue to deteriorate and there is a perception out there that market conditions are significantly better in Singapore,” Craig Brewer, Director of Banking, Financial Services & Legal at Hudson said.

    Though Singapore has very close trade and financial links with Europe and there are worries that a further escalation in the euro zone debt crisis could push its economy into turmoil, firms in the city are still hiring.

    “The drive to hire is strong among the largest ones [companies], where 45 percent of them said [in a survey] they are increasing their head count this year,” Tang said.

    But despite the bullishness over Singapore’s job market, Tang adds that the financial center has not added a huge number of investment banking jobs over the past year, and Europeans coming here have had to take a salary cut.

    “When U.S. or U.K. investment bankers come to Singapore or Hong Kong, they will have to take a pay cut. The pay cut could be anything between 10 to 30 percent,” she said.

    Andrew Norton, Regional Managing Director South East Asia, at Michael Page International backs that trend saying he’s seen bankers from Europe willing to relocate without expatriate packages that include housing and school allowances.

    He adds that what they lose out in terms of perks gets compensated by the low tax rate in Singapore. “In fact, some of these candidates find themselves in a better-off position compared to when they were in the U.S. and Europe,” he said.

    Asian Bankers Returning Home

    The slowness in European and U.S. markets is also leading to more Asian-born bankers returning home to work, according to Norton.

    “They [Asian-born bankers] feel the risk-reward trade-off is better and that they can add more value through local expertise and language skills,” Norton said.

    Malaysian-born Wai Keng Kwok, 33, is one Asian-born banker looking to make a fresh start in Singapore. Kwok moved to the island-nation in February, after working for Morgan Stanley in New York for five years, to take up the role of chief operating officer at a local hedge fund started by a friend.

    Kwok says she decided to move to Singapore to be closer to her parents living in neighboring Malaysia and because she didn’t think she would be able to get the same level of entrepreneurial opportunity elsewhere, particularly in Europe.

    “Out of Southeast Asia, I believe Singapore is the only place that’s really going to offer the same level of finance jobs that I would have gotten say in New York or London,” Kwok, a Yale and INSEAD graduate, said.

    With the recent cutbacks by U.S. and European banks, Kwok says it’s nice not to have to constantly worry about losing your job.

    “You don’t have to contend with the doom and gloom I suppose that people in New York and Europe face, because I don’t think there’s the same amount of pessimism here,” Kwok said.

    The French investment banker looking for a job in Singapore adds that she is not going to go anywhere else.

    “Singapore overall is a very friendly Asian place compared to all the other ones. It’s not only number one, there’s no number two,” she said.

    - By CNBC's Rajeshni Naidu-Ghelani
    http://www.cnbc.com/id/48007972
    Chao ang moh in deep shit now

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    Quote Originally Posted by flagship74
    Chao ang moh in deep shit now
    These people will help boost your property value leh

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    With no expat package, they can jolly well go rent hdb and partitioned rooms....

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    Quote Originally Posted by TheOnlyGayInTheVillage
    With no expat package, they can jolly well go rent hdb and partitioned rooms....
    I seriously would love to see the Ang Mohs stay in partitioned units in HDB. For the longest time they have looked down on us.

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    Quote Originally Posted by mygeemeel
    I seriously would love to see the Ang Mohs stay in partitioned units in HDB. For the longest time they have looked down on us.
    if they have meals, daily. they are alrdy thankful enuff

    maybe the SPG can 养 them

    上面吃的好, 下面喂的饱

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    Geylang MM rental.... Huat Ah

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    More likely they will settle for city-fringe 1 or 2 bedders MM, where rental is still relatively okay $2.5-3.5k.

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    Yah, most probably they will rent a cheap city fringe MM.

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    If singles, 8 river suites comes to mind, if with wife and one kid, unlikely, more likely to be 3r HDB if no budget, or 2br condo with budget
    Ride at your own risk !!!

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    many of them have families... it's about time that big size ones huat ah

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    Quote Originally Posted by Komo
    many of them have families... it's about time that big size ones huat ah
    Those who has salary < 10k cannot afford big unit rental .. so it depends on whether these are top mgmt or middle level mgmt .... but if the whole world coming to HK/SG, why need so many top mgmt??
    Ride at your own risk !!!

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    Many with families might rent hdb flats in heartland areas and even yishun and sembawang. Ang mo sightings in Northpoint, amk hub and nex mall are getting more common nowadays.


  14. #14
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    Cheaper for them to rent a house than a condo if they have big family.
    Quote Originally Posted by azeoprop
    Many with families might rent hdb flats in heartland areas and even yishun and sembawang. Ang mo sightings in Northpoint, amk hub and nex mall are getting more common nowadays.


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    Quote Originally Posted by mygeemeel
    I seriously would love to see the Ang Mohs stay in partitioned units in HDB. For the longest time they have looked down on us.
    i gonna to kick their ass if they are still snob...

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    These bankers from Europe are generally very arrogant

  17. #17
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    Have tenants who are holding SVP appointment in European. Not bad as they are quite sensible people.
    Quote Originally Posted by Laguna
    These bankers from Europe are generally very arrogant

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    Quote Originally Posted by flagship74
    i gonna to kick their ass if they are still snob...
    You are the landlord... U already won

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    Quote Originally Posted by Laguna
    These bankers from Europe are generally very arrogant
    Yes, they will never rent a HDB.

    Although it may sound ridiculous, banks are still giving them housing allowance. For junior bankers, to the tunes of 3k.

    Or rather, they will find a SG placement with this allowance. Otherwise they will not come to SG. In Europe it is very difficult to fire an employee. These arrogant bastards are contended with doing nothing and be paid.

  20. #20
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    Bankers leh.. Min usd250k ..
    Stay Hdb ? Ha ha .. Joking ?

  21. #21
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    Quote Originally Posted by smallant
    Bankers leh.. Min usd250k ..?
    There are a lot of junior ones.. Think operations. They just make the 100k SGD level for P1 EP.

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