Home THE DAILY EDGE Business Standard Chartered plans to boost Singapore staff by one-third
Standard Chartered plans to boost Singapore staff by one-third

Tags: Standard Chartered Plc

Written by Bloomberg   
Friday, 21 May 2010 14:24
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Standard Chartered Plc, the British lender that earns at least three-quarters of its profit in Asia, plans to increase its staff in Singapore by more than a third over the next three years.

The bank intends to hire about 2,000 people, adding to the 6,000 staff it currently employs, Ray Ferguson, Standard Chartered’s regional chief executive for Singapore and Southeast Asia, said in Singapore today. He said the bank wants double- digit annual growth in staff in Southeast Asia, includes countries such as Indonesia, Malaysia and Vietnam.
 
Singapore’s government said this week that the city-state’s economy expanded faster than initially estimated last quarter. Job creation is likely to pick up in 2010, the central bank said in a report in April.
Australia & New Zealand Banking Group Ltd. said this week it plans to hire about 500 people in Singapore in the next year.
 
Ferguson said he is upbeat about growth in the region, although confidence may be hit by concerns over whether Europe can contain its debt crisis.
“We see the environment ahead with caution, but we also do see continued opportunities as Asian economies grow,” he said. “I still see an Indonesia that’s growing five to six percent this year. I still see a China that’s going to grow similar to the historic trend rates it’s had over the last five years, and an India that’s growing.”
 
Ferguson said the situation in Thailand is “too complicated” to determine how it will eventually turn out. He said the bank plans to re-open on Monday after the stock market and banks in Bangkok were closed yesterday and today.
 
“We have got no intention of scaling back in Thailand whatsoever,” he said. “We are reasonably optimistic that Thailand will get back to business next week.”
 
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Last Updated on Friday, 21 May 2010 14:25