How banks in Singapore are now 'hiding' jobs from bankers

Keen to save costs and prioritise local talent, banks in Singapore and Hong Kong are doing more hiring via employee referrals before they actually advertise their roles.

Here are some tips to uncover ‘hidden’ banking jobs in Asia.

Set up meetings as soon as possible

Coffee meetings with new industry contacts are a common way to uncover jobs in close-knit cities like Hong Kong and Singapore. But this tactic works best when you’re already employed, so don’t wait for the axe to fall. “Approaching someone for coffee when you need something from them urgently is usually ineffective,” says Jonathan Kwan, a former Deloitte senior consultant who now runs Kwantum Leap Career Coaching in Singapore. “You’ll come across as desperate and your body language will totally betray you.”

But don’t be too direct during a first meeting

It’s unlikely anyone in banking will risk their own reputation by referring someone they barely know. “Don't ever ask about potential roles or how to fix your resume,” says Kwan. “The line you must embrace is that you want to learn more about their business, industry and upcoming trends.”

Clinch an in-house job

Chinese corporates are currently on the hunt for bankers to fill corporate development roles – and they don’t always advertise these jobs. “A shipping-finance banker in HK suggested that his shipping client reserve pre-holiday cargo space one or two years in advance and then resell it for a higher price,” says former JP Morgan analyst Hubert Tam, now a founding member of partner of search firm Sirius Partners in Hong Kong. “He ended up with a job at the company, helping finance these projects using his banking relationships.”

Only choose the best conferences

Singapore and Hong Kong are awash with financial conferences, so only target credible events to avoid hours of irrelevant networking. Professor Sattar Bawany, CEO of the Centre for Executive Education in Singapore, cites the example of a VP-level investment banker who clinched an unposted job via networking at American Chamber of Commerce events in Singapore. “He was introduced to both HR and business leaders for preliminary interviews.”

Invite people yourself

Don’t just go to industry events and try to find relevant people – inviting them along yourself is a perfect way to network without the taint of job searching. “I know of one person who is building a strong network in the high-net-worth area and inviting former clients and industry colleagues to events,” says a banking-sector headhunter. “This is a good way to secure future employment when he returns to the job market.”

Read reports to scope out future jobs

Reading annual reports can tell you about the future business direction of a bank and the areas it may soon be hiring in. Sending an early speculative application to that department in early 2021 could put you ahead of the competition just as the firm plans an expansion. “If a banks states that they see their future in big data, for example, and you have skills in this area, present a business case of what you have achieved in this field,” says a Singapore-based recruiter.

Be opinionated on social media

Don’t just use social media to research new contacts – expressing your own expert opinions is what gets you noticed by employers and recruiters, says another recruiter. “When a role arises that calls for your expertise, these snippets ring loudly. A senior finance professional once commented on one of my posts, so I looked at her profile and when an opportunity arose, I approached her and she landed the job. I didn’t need to advertise.”

Don’t cold call

If you’ve just found out about an unadvertised role, don’t immediately call the hiring manager, warns Eunice Ng, consulting director of headhunters Avanza Consulting in Hong Kong. “In my experience, line managers here in Asia are reluctant to take calls from someone they don’t know. It’s better to ask others to introduce you before getting hold of the manager.”

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