Singapore bank rankings reveal new hires surged by 5.8% in 2022

The banks’ rankings saw some slight shuffle as some banks reported lower numbers.

Singapore banks continue to bolster their rosters in terms of new hires in 2022, registering a 5.8% increase in Singapore Business Review’s annual bank rankings compared to a year before.

The rankings, which rates banks in terms of the number of employees, saw some moderate to great increases in the number of hires this year whilst some banks opted to keep employee numbers the same. Meanwhile, a number of banks saw slight dips in employee numbers causing them to slip from their previous place.

DBS continues to hold the top spot with 12,585 employees, an increase of 4.9% from 2021. Standard Chartered and UOB maintained the number of employees at 10,000 and 9,000, placing third and fourth respectively.

The Hongkong and Shanghai Banking Corporation Limited (HSBC) had a slight dip in its employee count from 3,300 to 3,242 ranking sixth. CIMB bank had a notable dip of 25.2% in its number of employees from 1,237 in 2021 to 925 this year, falling from ninth to 11th place.

During interviews conducted for its annual bank rankings, Singapore Business Review found that top Singaporean banks are exceeding the projected regional average growth of hiring women in executive positions.

Deloitte’s Within Reach series predicted that by 2030, women in senior leadership, specifically C-suite, will grow to 20.5%, a moderate increase from 18.5% in 2021.

In DBS’ 2021 sustainability report, 54.3% of their Singapore staff are women. In all of its branches, DBS’ female staff comprises around 49.2% of its workforce.