Pay and perks: How banks in Singapore compete for wealth management talent
Non-monetary factors like work-life balance also shape choice of employer in talent war.
Singapore's banks are fiercely competing for top wealth management talent, with pay and benefits proving to be the primary battlegrounds. As Asia's wealth market expands, these banks are keen to secure high-performing wealth managers with deep client books to expand their share of the market. To attract these professionals, banks are offering "double-digit" percentage pay hikes for those willing to switch to a rival firm in wealth hubs like Singapore and Hong Kong.
Major banks, both local and foreign, are ramping up their efforts to bolster their wealth management teams. DBS, the largest bank in Southeast Asia, aims to add 600 front-line advisers across six key markets by 2028. OCBC Bank plans to hire 600 relationship managers over the next three years, while UOB intends to double its sales team by the end of 2026 and hire over 800 young local talents in 2026.
Foreign banks like UBS, JP Morgan, and Citi are also expanding their presence in the region, with UBS planning to hire at least 100 additional wealth bankers in 2026 and Citi hiring about 100 private bankers and 400 other specialists in Asia.
HSBC is set to hire more than 100 wealth managers alongside over 100 artificial intelligence specialists as part of its broader investment push in Singapore. Standard Chartered is looking to hire around 50 private bankers to meet the growing demand from high- and ultra-high-net-worth clients.
The competition for talent is driven by the rising expectations of wealth management relationships, with clients now seeking timely, relevant advice that reflects their goals, family circumstances, and long-term ambitions. Technology is also becoming increasingly important, with banks striving to make client engagement more insightful and personalized.
While employee share purchase plans (ESPPs) offer long-term wealth-building opportunities, they are typically viewed as "table stakes" rather than decisive hiring differentiators. Work-life balance, career progression, workplace culture, and flexibility are more powerful pull factors for attracting talent, particularly among senior professionals.
Written by urgent.news from Straits Times Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
