DBS avoiding ‘crazy rush’ to hire private bankers

SINGAPORE (Sept 14): DBS Group Holdings has poured cold water on the idea that private bankers can name their price when jumping ship in Asia’s booming wealth management business.

“I don’t believe that every bank needs to join in this crazy rush for talent,” Tan Su Shan, head of consumer and wealth banking at Southeast Asia’s largest lender, said Friday in a Bloomberg Television interview. DBS is promoting people internally and hiring from other areas of the financial industry to boost its private banking operations, she said.

Competition in Asia’s wealth industry is intensifying as the region sprouts millionaires more quickly than anywhere else in the world. That’s sparked a labor shortage at private banks which is enabling experienced money managers to command pay rises of 30% or more when they move to rival firms, Bloomberg reported this month.

---

Related Stories

• Link REIT appoints Eng-Kwok Seat Moey as independent non-executive director
• Delfi to see continued margin pressure, analysts keep ‘hold’ and ‘add’ calls
• DBS blazes past $100 bil market cap, dominates banking and super big cap categories

---