(May 28): Bank of Singapore Ltd is ramping up hiring as it doubles down on courting ultra-high-net-worth clients across Asia, The Business Times reported on Wednesday.
The private bank, a unit of Oversea-Chinese Banking Corp (OCBC), resumed hiring “pretty aggressively” this year after pausing to integrate a large wave of recruits brought in during 2024, chief executive officer Jason Moo told the newspaper in an interview.
The move comes as Bank of Singapore aims to increase the proportion of assets under management contributed by ultra-high-net-worth clients by 30% by 2028. Moo said the bank passed its target of reaching 500 relationship managers by the end of 2025.
Still, he cautioned that private banking earnings remain closely tied market sentiment and geopolitical uncertainty, including volatility linked to the Middle East conflict.
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