No vacancy: Local finance hiring stumbles as global economy wobbles

Online job listings slipped 13% in August.

Banks and other financial institutions have become more cautious in expanding their headcount as global economic volatility escalates, according to a report by online employment site Monster.com.

The report said that online job listings in the banking, financial services and insurance (BFSI) sector dropped 13% year-on-year in August, the steepest decline recorded in the region.

"In Singapore, cost considerations are still playing a part in the overall downsizing of the industry. We do expect this to pick up again slowly in the coming year, however the short-term reality is stagnant headcounts and limited hiring activity in the sector," said Sanjay Modi, Managing Director, Monster.com (India, Middle East, Southeast Asia, Hong Kong).

The Monster Employment Index (MEI) registered an overall decline of 10% year-on-year in August, a faster pace of contraction compared to -8% in July.