Kerry Consulting Executive Director and Human Resources Practice Lead Audrey Chan was recently featured in The Straits Times, commenting on the competition for wealth management talent as banks continue to expand their teams in Singapore.
The 1 September 2026 article, “Pay and perks: How banks in Singapore compete for wealth management talent”, examines how Singapore’s position as a regional wealth hub is driving demand for experienced relationship managers, investment advisers and other wealth management professionals.
Read the full article: Pay and perks: How banks in Singapore compete for wealth management talent | The Straits Times
According to the article, banks across the local and international market have announced significant recruitment plans. DBS intends to add 600 front-line advisers and platform engineers across six markets by 2028, while OCBC plans to hire 600 relationship managers over three years. UOB is also expanding its affluent wealth advisory business, with plans to double its sales team by the end of 2026.
International banks are contributing to the competition for talent. UBS plans to add at least 100 wealth bankers across Asia-Pacific in 2026, while J.P. Morgan has more than doubled its number of Singapore-based relationship managers since the beginning of 2025. Citi, HSBC and Standard Chartered are also expanding their wealth management teams.
Against this backdrop, compensation remains an important consideration for candidates. The Straits Times reported that wealth management professionals moving between firms can command double-digit percentage salary increases in Singapore and Hong Kong. However, pay alone does not determine whether experienced professionals choose to join or remain with an organisation.
Speaking to The Straits Times, Audrey highlighted the wider factors that become particularly important when attracting and retaining senior talent:
“For senior professionals, in particular, the bank’s financial strength, strategic direction and willingness to invest in its people and platforms tend to outweigh any individual benefit.”
The article also highlights career progression, confidence in leadership, workplace culture and flexibility as important considerations alongside salary and bonuses.
As Singapore’s wealth management sector continues to expand, competition for experienced professionals is likely to remain strong, particularly for individuals with established client relationships and the ability to support increasingly sophisticated private wealth requirements.