More European Bankers Relocating To Singapore
More banking professionals and analysts are heading to Singapore to relocate and find work, based on a recent report by CNBC.com.
According to the report, global recruitment firms in the island state have observed an increase in European investment bankers who are applying for work in the country. Singapore-based recruitment company Robert Half has indeed cited a 20 percent increase in European banker applicants since 2009. Hudson, another local recruitment firm, have also noticed the same trend, stating that over half of the inquiries they receive for finance job vacancies last year come from Europe.
According to Hudson, the number of European applicants has already surpassed their American counterparts. Interestingly, Asian bankers who have migrated in the west to work at global investment firms are heading home as European bankers seek career stability in the region.
Analysts can only speculate that the sudden influx of applications from European investment bankers have been brought about by the ongoing European financial crisis, which has plunged Greece and neighboring country Italy into debt.
The debt crisis has led to the tightening of regulations in the banking sector and has led even big-name companies like Credit Suisse to trim the fat and let go of about a third of its investment banking leaders. Worse, the banking giant has announced plans of laying off 3,500 employees globally by 2013.
Fortunately for job seekers, Singapore is working on its labor and business policies, making it one of the best places globally to find work and open a business. With its world-class facilities and friendly tax rates, Singapore is also a favorable place to live with it, being deemed by foreigners as “the most livable city for expats.”
Singapore could also prove to be a greener pasture for bankers who would like to retire from the daily grind and set up their businesses instead. The business-conducive environment of Singapore, low corporate tax rates, and lucrative tax incentives as well as favorable tax treaties would be very beneficial for individuals who would like to start their very own financial services enterprise.