How are local and foreign banks competing for talent?
Employee share purchase plans (ESPPs) are increasingly being seen as more than just a perk in Singapore's competitive wealth management job market, as banks ramp up hiring to capture a larger slice of Asia's expanding wealth pie.
ESPPs allow eligible employees in organisations to buy company shares at a discount. While traditionally considered a secondary perk, experts say ESPPs are becoming an increasingly compelling differentiator for bankers weighing job offers in Singapore.
Glen Chua, senior manager for banking and finance at Robert Walters Singapore, said the benefit is no longer simply a "nice-to-have" in competitive industries like banking and wealth management, The Straits Times reported.
"While it's not always the primary driver, ESPPs can be a compelling addition to an overall benefits package, particularly for mid- to senior-level professionals who prioritise financial planning and equity participation," Chua said as quoted by the news outlet.
The remarks come as foreign and local banks across Singapore aggressively build out their wealth management teams.
DBS, South-east Asia's largest bank, plans to add 600 front-line advisers and platform engineers across its six key markets by 2028, while OCBC is set to hire 600 relationship managers over the next three years.
UOB, meanwhile, is targeting a doubling of its sales team by end-2026, according to The Straits Times report.
On the foreign bank side, UBS plans to hire at least 100 additional wealth bankers across Asia-Pacific in 2026, Citi is recruiting around 100 private bankers and 400 other specialists globally, with a significant share earmarked for Asia.
HSBC and Standard Chartered are also each adding more than 100 and around 50 private bankers in Singapore, respectively.
What remains the strongest pull factors?
Recruiters also said those willing to jump ship can command a double-digit percentage pay rise, with salary and bonuses remaining the strongest pull factors in the near term.
Audrey Chan, executive director and human resources practice lead at Kerry Consulting, noted that banks were more likely to lose strong talent when pay, progression, or confidence in leadership fell short.
"For senior professionals, in particular, the bank's financial strength, strategic direction, and willingness to invest in its people and platforms tend to matter more than any single benefit," she said as quoted by The Straits Times.
Chua said banks are continuously reassessing their overall offerings to stay competitive in this environment.
"The offerings between local and foreign banks are consistently reassessed alongside other benefits like flexible work arrangements, targeted training programmes, and clear career progression pathways to attract and retain top-tier talent," he said.
Chua added that while salary and bonuses still matter most in the short term, alongside career progression and hybrid work, ESPPs offer a longer-term incentive by giving employees a stake in a bank's performance.
