ANZ starts Asian hiring spree

Itís only just clinched a deal to buy some of RBSís Asian assets, but ANZ has already announced a massive hiring campaign to further improve its standing in Singapore.
The Aussie bank, which currently employs about 600 people in the city state, plans to recruit 1000 extra commercial and consumer staff during the next three years. The RBS takeover gives ANZ the chance to expand beyond its existing institutional banking base.

This forthcoming hiring surge will put upward pressure on senior salaries in Singapore, comments Gary Lai, manager, financial services at Robert Walters.

ANZís recruitment has a front-office focus, but Singaporean consumer and commercial banking is not awash with professionals with suitable sales and/or products experience, he says. Moreover, there arenít as many unemployed candidates in these two sector as there are in the redundancy-ravaged i-banking space.

With the talent pool fairly small, ANZ will inevitable look to poach from rival banks, especially for experienced positions. This will often trigger counter offers as firms wonít want to lose revenue-generating staff, according to Lai.

ìThis skill shortage means you have to pay a premium to attract professionals away from other banks. You canít hire as many as 1000 people in somewhere like Singapore without it affecting salaries,î he tells eFinancialCareers.com.au.
One Singapore-based headhunter, who asked not to be named, likens the impact on pay levels to when Barclays began bulking up about four years ago.

ìBarclays wasnít that big here before that, so like ANZ now, it was an outsider coming into the market and needing a lot of new staff. I donít think weíll see the upwards of 30 per cent increases that we did with the previous buoyant market, but a range of 15 to 20 per cent is certainly possible,î he adds.

At the mid-to-senior level, ANZ will find itself in a recruitment race with regional commercial banking titans HSBC and Standard Chartered, but group chief executive Mike Smith recently told Bloomberg that he is happy to take them on in Asia.

Not so joyous for juniors

While commercial/consumer wages will rise for experienced new recruits, jobs in the one-to-three-year range wonít command such high premiums, says Angela Kuek, manager, banking and financial services at Hudson.

Firms initially hunt for their junior staff within the local banking industry, but the scale of its recruitment means ANZ will probably have to cast its net wider.
ìBesides ex bankers who are open to return to banking, candidates from other South East Asian countries might be considered, as might corporate-sector employees in client-facing sales and marketing roles,î explains Kuek.

Back-office blues

Meanwhile, support staff at the newly enlarged ANZ are more worried about keeping their jobs than boosting their salaries. Alex Thursby, chief executive for Asia-Pacific, Europe and America, told local media this week that back-office job cuts might be necessary.

Hopefully, however, any retrenchments will be minimal because until now, ANZ in Singapore was mainly an institutional bank, so there shouldnít be much operational duplication with its new retail and commercial businesses.