Banks in the lion city have continued to grow for the fiscal year 2022, garnering a 3.4% year-on-year (YoY) increase based on the Asian Banking and Finance’s annual bank rankings.
The bank rankings, which reflect the employment hiring situation of select banks in Singapore, had a change in methodology. Banks in the list have been categorised according to percent changes from the previous year’s tallied figures.
This facilitated a sounder way of ranking them amidst the difference in their respective employee populations.
With the new ranking process in place, Credit Agricole CIB. registered the highest annual increment of 20.3% YoY to 1,686 employees, taking the top spot in terms of employee growth.
The 2023 ranking had HSBC Banking Corp. at number 2 with a growth rate of 20.0% to increased employment of 3,890, followed by United Overseas Bank (UOB) at number 3 with an increment of 11.7% to 10,056 employees. Trailing them at No. 4 was Maybank Singapore with a 5.1% growth and 2,101 employees.
Bucking the growth trend, banks which saw big dips were UCO Bank (11.9% to 37), State Bank of India (5.6% to 117), and DBS Bank (4.6% to 12,000).
In terms of tally count, the top five banks in order would have started with OCBC, DBS Bank, UOB, Citi Singapore, and Standard Chartered.
However, in the case of Citi Singapore and Standard Chartered, Asian Banking and Finance did not receive any response in press time.
Notably, in a report by Bloomberg made last 8 June, Standard Chartered is implementing targeted job cuts in Singapore, Hong Kong, and London as part of its cost reduction strategy, aiming to save about $1.35b by 2024.
This story is from the Issue 111 edition of Asian Banking & Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the Issue 111 edition of Asian Banking & Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
From Sandbox To Success: How PH Neobanks Disrupt Banking
They made use of their old payments model and partnerships to scale operations.
How Trust Bank Won The Trust Of Singapore's 12%
It is currently the world's fastest growing bank by market share.
GenAI, CBDCs To Shape Singaporean Finance In 2024
Singapore will be piloting the use of wholesale CBDCs next year.
How Financial Institutions Can Build Customer Loyalty
It's no longer just about giving perks, but about offering experiences.
OCBC unveils blockchain-powered CBDCs at Singapore Fintech Festival
OCBC is aiming to commercialise one or two of its blockchain solutions in 2024.
Untapped markets: pioneering the future of finance beyond traditional banking
Brands must shift from running campaigns to building platforms.
Tech glitches, failed cost targets plaque Thai banks
KBank's credit costs rose by 11 basis points to 219 bp in 2023, a step further from its target range of 140 to 160 bp.
DBS' digibank shrinks loan approval time to a maximum of 10 minutes
The bank is making use of government population data for its face recognition service.
GCash goes cross-border, eyes 'biggest IPO' title
It aims for full launch and expansion into 10 markets in 2024.
Grocery runs can now double as shariah bank visits
Bank Aladin Syariah partners with Alfamart, which has 18,000 outlets nationwide.