Singapore banking jobs: learnings from DBS, OCBC, UOB results
DBS, OSBC, and UOB posted results this week, with huge jumps in profit in spite of what is generally being seen as a complicated operating environment.
Although the headlines profits were massive and most banks delivered handsome returns to shareholders, this was largely thanks to non-interest income. Across investment banking and wealth management, performance was far less impressive. Singapore bankers will have a year when they’re glad their pay is weighted more towards salary than bonus.
Wealth Management
Wealth management, traditionally a mega-earner for Singapore’s banks, saw significant declines in the first nine quarters of 2022.
DBS wealth managers managed to weather the storm best. During the first nine months of 2022 revenues fell by 25% compared to 28% for OSBC and 29% for UOB.
UOB called investor sentiment "cautious." Nonetheless, there has been some hiring this year. In March, for example, DBS poached Jaideep Sapehia, a veteran private banker from Citi.
Investment Banking
Singapore’s banks outperformed Wall Street by some margin, with DBS’ 36% fall in revenue and OCBC’s 6% fall in revenue significantly better than JPMorgan and Goldman Sachs’ 45% falls.
UOB didn’t post IB revenues, although Edmund Leong, the group's head of investment banking, told Bloomberg that the bank saw double digit rises in all IB segments except equities - which saw a single figure increase.
With 2021 a record year for Singaporean IB, the state of financial markets around the world might just make managers sympathetic to keeping on productive staff for a return to normality. DBS have been growing significantly in the sector, with hires from Nomura.
Transaction Banking
Although OCBC and UOB didn't post transaction banking results, there might be reason to believe it's the best place to be at the moment - DBS reported a 1.4% increase in fees associated with it.
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