Finance hiring takes a hit as banks grapple with shrinking margins

Jobs growth was negative in Q4.

Hiring in Singapore’s banking, financial services and insurance (BFSI) sector saw a sharp drop in the fourth quarter of 2015, according to a report by recruitment site Monster.com

The report showed that job postings in the BFSI space dropped by -3% in December, extending its losing streak of -5% in November and -2% in October.

“While there could still be overall growth in the finance sector moving forward, what we have been seeing is a rapid decline of online recruitment in key support functions and investment banking roles. Tighter regulations and squeezed margins for global banks continues to prompt jobs cuts and retrenchments, particularly in Malaysia and Singapore,” said Sanjay Modi, Managing Director, Monster.com.

Overall online recruitment in Singapore dropped 5% year-on-year in December. The healthcare sector reported the steepest growth at 6% year-over-year. Meanwhile, the consumer goods/FMCG, Food & Packaged Food, Home Appliance, Garments/Textiles/Leather, Gems & Jewellery performed the worst at -13%.

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