Credit Suisse is hiring 500 and SCB is paying stunning salaries in Singapore: Is Changi a boom town for banking jobs?

The hottest place in back-office employment in Singapore banks these days? Changi Business Park, the CBD’s cheaper, less glamorous cousin.

Just last week, Credit Suisse announced plans for a new office in Changi, on the eastern part of the island. That new office, operational in mid-2013, will house about 4,000 staff, made up of back-office and centre-for-excellence staff, according to the Straits Times. The bank will be hiring at least 500 more staff by then.

Other banks which already run their operations from Changi Business Park include Standard Chartered, Citibank and DBS.

Singapore’s Docklands

The trend for back-office jobs moving into Changi mirrors that of London’s Docklands almost 20 years ago. Back then, a number of banks also shifted their UK operations out of the City, points out Kyle Blockley, director of KS Consulting.

But is there an employment bonanza for back-office candidates seeking new opportunities in Changi? Blockley doesn’t think so. “So far this year, there has been no major increase in operations positions into Changi, although there is no doubt that this will happen (with Credit Suisse’s announcement). ”There’s certainly not as much demand as last year. Most clients did a lot of hiring in 2010 and so this is a year of consolidation and replacing attritional headcount.”

Matthew Ng, consultant, banking and financial services, Ambition, says demand for such roles continues to be consistent. But he adds: “We have certainly seen an increase in this demand over the past six weeks with bonus levels having been announced and in most cases, paid out.

“Given the size of Singapore and the fact that many operations functions are now hubbed out of Changi, candidates can’t discount roles based on location alone. Job scope, culture and career progression opportunities are usually the prevailing factors for candidates when they are considering a move.”

So which support functions are likely to see continued hiring in Changi this year? Roles in product control, operations and IT will drive hiring, says Blockley.

Show me the money

With so many banks concentrated in Changi, which one has the best back-office compensation to attract talent? One recruiter, who declined to be named, says: “Probably Standard Chartered, they are the ones that pay the most.”

SCB typically pays about five to 10 per cent more than its competitors. Next best paying is Credit Suisse, followed by Citibank, then DBS, says our source.

By Shree Ann Mathavan