The 20-plus employees who’ve reportedly lost their jobs at HSBC in Singapore shouldn’t be out of work for long, say recruiters. That’s because the affected staff are working in the firm’s insurance wing – and there are potentially internal opportunities for them in wealth management. Meanwhile, the insurance job market remains buoyant in the Republic for those who end up leaving HSBC for good.
In a post-acquisition retrenchment exercise, HSBC has cut more than 20 people – a sizable number in the context of the Singapore finance sector over the past 18 months – from the Axa Singapore unit it purchased last year, according to the Straits Times. November 30 will be their final day.
As is typically the case with redundancies in large banks, the affected employees have been encouraged to apply for other jobs within HSBC.
This may be a bit more than wishful thinking in HSBC’s case – the firm is expanding its wealth management operations in Singapore as it looks to fill 5,000 wealth roles across Asia by 2025. Internal moves from insurance to wealth management are not unheard of, particularly for sales and relationship manager positions.
Meanwhile, other insurance companies are likely already “lining up to hire” laid-off staff members who don’t find new homes at HSBC before November 30, says a Singapore-based recruiter. “They’ll have no problems getting new jobs – the market is pretty active,” he adds.
For example, Great Eastern, which is part of OCBC, is among the most active recruiters in the Singapore insurance space, and would be a good fit for those looking to continue working within the insurance arm of a bank. Its net profit increased 22% to S$282.9m for the second quarter of this year.
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