Singapore – Singapore banking professionals whose headquarters were hit by the subprime crisis remain safe - for now.

Even though the credit crunch has affected job security in the West European and United States offices, it is still business as usual for local banking industry.

While there is a direct correlation between what transpires in the US and UK to the Singapore market, Su-Yen Wong, managing director, ASEAN, Mercer, feels the increasing level of intra-region economic activity should help to temper the effect to a certain extent.

Wong says, “Asia will not be immune to these economic problems. It's a question of catching the sniffles versus full-blown pneumonia.”

Steve Parkes, manager of banking recruitment division, Michael Page, agrees that Singapore will not be as affected as he has not seen an influx of CVs from affected banks. 

While Parkes thinks there will not be layoffs from the affected banks, he says there could be temporary headcount freezes when it comes to hiring. The interview process and the decision sign offs for certain hires may also take longer time.

However, Wong feels otherwise. “In all slowdown markets situation, there may be some layoffs as businesses consolidate and review their human capital strategy.”

Wong adds, “Most banks consider Asia, including Singapore, key to their future growth, and would be keen to sustain this momentum in the face of competitors who have similar designs for the region.”

Lastly Parkes says recruitment firms are a good indicator of whether the subprime crisis are affecting the country

“So while banking is not doing excellent, but it is fine,” Parke adds.