Bloomberg News reports that global banks vacated about 500,000 square feet of leased space in the city since 2011, enough to seat 3,800 employees, according to estimates by Jones Lang LaSalle Property Consultants Pte. About 80% of that is in the central business district, data tracked by the real estate broker show.
Banks reduced staff and hired fewer people than initially planned after they scaled back operations following stricter global regulations on everything from capital to liquidity. Singapore’s four-year campaign to restrict the hiring of foreigners increased competition for local workers and made it more expensive to recruit them -- dissuading banks from adding back-office staff, said Jones Lang LaSalle’s Chris Archibold.
'The banking industry is undergoing a huge amount of change, especially around its capital-intensive businesses, which means there’s less jobs Archibold, the company’s Singapore head of markets, said by phone. “Globally and locally, there have been various bits and pieces put in place by various governments that have drastically affected the banks.”
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