SINGAPORE – Pay and benefits remain key battlegrounds for banks in Singapore as they vie for high-performing wealth managers with deep client books to capture a larger share of Asia’s expanding wealth market.
The competition has pushed compensation higher across senior relationship management and client advisory roles. Recruiters said those willing to move to a rival firm can command a “double-digit” percentage pay hike in Singapore and Hong Kong, two of the region’s wealth hubs.
Amid a busy year for wealth management, banks – both local and foreign – have raced to strengthen their franchises by building larger teams to serve affluent and high-net-worth clients.
Banks seek not only more relationship managers, but also investment advisers and technology specialists to deepen client relationships and manage increasingly sophisticated portfolios.
DBS, South-East Asia’s largest bank, is among those looking to hire. Shee Tse Koon, DBS group head of consumer banking and wealth management, said in July that the bank intends to add 600 front-line advisers across its six key markets by 2028 to support its wealth push.
It also plans to hire more than 500 young local talents in 2026 through its management associate, internship and traineeship programmes as it continues to build its talent pipeline.
OCBC Bank is set to hire 600 relationship managers over the next three years, while UOB is expanding its affluent wealth advisory teams, with plans to double its sales team by the end of 2026, according to people familiar with the matter.
UOB also aims to hire more than 800 young local talents in 2026 as management associates and personal wealth executives, as well as through early-career initiatives such as its Future Bankers Programme.
“The expectation for wealth management relationships is rising,” said Chew Mun Yew, UOB’s head of private banking.
“Clients today expect advice that is timely, relevant and grounded in a deep understanding of their goals, family circumstances and longer-term ambitions.”
He added that technology will increasingly complement relationship management as banks seek to make client engagement more insightful and personalised.
Foreign banks have also joined the wealth push.
UBS, which has around 1,000 wealth management client advisers and relationship managers in the Asia-Pacific, plans to hire at least 100 additional wealth bankers in the region in 2026.
The Swiss bank said it would continue to make strategic hires in line with evolving client needs and business priorities.
At JP Morgan, its headcount of Singapore-based relationship managers has doubled to more than 50 compared with the start of 2025, under the leadership of Paul Thompson, head of Singapore and South-east Asia.
Citi is also in a growth phase and actively expanding its wealth management team, said Yeo Wenxian, head of wealth for Asia South at Citi and chief executive of Citibank Singapore.
Globally, the US bank plans to hire about 100 private bankers, in addition to about 400 other specialists, to support its wealth business – which saw its pre-tax earnings grow 128 per cent year on year in the first quarter of 2026.
Yeo said: “A significant percentage of this hiring will be anchored in Asia, which is a key growth engine for Citi’s wealth business.”
As part of a broader investment push in Singapore, HSBC said it plans to hire more than 100 wealth managers, alongside over 100 artificial intelligence specialists.
Standard Chartered is looking to hire around 50 private bankers here to meet growing demand from high- and ultra-high-net-worth clients, including family offices. The bank said it will continue to hire relationship managers across its priority segments.
The hiring push comes as Singapore cements its role as a regional wealth hub, drawing in family offices, entrepreneurs and high-net-worth clients from across Asia.
Globally, the wealth of high-net-worth individuals rose 8.7 per cent year on year to US$98.3 trillion (S$125 trillion) by the end of 2025, while the number of such individuals rose 7.9 per cent to 25.3 million, according to Capgemini’s World Wealth Report 2026.
Singapore has benefited from the influx of wealth. An estimated $77 billion of new money flowed into the three local banks – DBS, OCBC and UOB – in 2025, thanks to the Republic’s safe haven appeal and supportive policies for establishing family offices and trusts.
The number of millionaires in Singapore is expected to rise 13 per cent from 333,204 in 2023 to 375,725 by 2028, according to UBS, underscoring the potential for further growth in the Republic’s wealth management market.
Salary and benefits remain key
In the fight for talent, salary and bonus remain the strongest pull factors, recruiters said. Career progression, leadership, workplace culture and flexibility also carry significant weight.
Employee share purchase plans (ESPP) – company-run programmes where eligible staff buy company stocks at a discount – can enhance the overall package by offering long-term wealth-building opportunities, but they are rarely a decisive reason to join a bank.
“ESPPs today function more as ‘table stakes’ instead of a primary hiring differentiator,” said David Blasco, country director of Randstad Singapore, adding that non-monetary factors such as work-life balance, career progression and autonomy play a larger role in attracting talent.
According to the 2026 Randstad Employer Brand Research report, 62 per cent of finance professionals cite work-life balance as their top priority in an ideal employer, he added.
Audrey Chan, executive director and human resources practice lead at Kerry Consulting, noted that banks were more likely to lose strong talent when pay, progression or confidence in leadership fell short.
“For senior professionals, in particular, the bank’s financial strength, strategic direction and willingness to invest in its people and platforms tend to matter more than any single benefit,” Chan said.
Glen Chua, senior manager for banking and finance at Robert Walters Singapore, said foreign banks are adding competitive pressure in the hiring game.
“The offerings between local and foreign banks are consistently reassessed alongside other benefits like flexible work arrangements, targeted training programmes and clear career progression pathways to attract and retain top-tier talent,” he said.
He added that ESPPs are also increasingly viewed as more than just a “nice-to-have” benefit, especially in competitive industries like banking and wealth management.
While salary and bonuses still matter most in the short term, along with career progression and hybrid work, he said ESPPs add a longer-term incentive by giving employees a stake in a bank’s performance.
“While it’s not always the primary driver, ESPPs can be a compelling addition to an overall benefits package, particularly for mid- to senior-level professionals who prioritise financial planning and equity participation,” Chua added.
