Are you worried about being laid off? You may be at a crossroads in your banking career right now. You have observed some early retrenchment signs—and you’re wondering if you should leave before the inevitable happens. Likewise, 3,500 Credit Suisse employees in Singapore are facing the same dilemma.

Lack of Job Security After Credit Suisse Takeover

On 12 June 2023, UBS completed the acquisition of former rival Credit Suisse. To quell any lingering fears, the Monetary Authority of Singapore (MAS) issued a timely press release. The MAS clarified that the takeover will not interrupt the day-to-day operations of the Singapore entities of UBS and Credit Suisse, which operate under separate licences.

Moreover, the MAS urged the banks to handle manpower issues responsibly as they iron out the details. The MAS is closely monitoring the situation and “will work with relevant stakeholders to proactively address any impact on employment”.

Whilst the future of Credit Suisse professionals hangs in the balance, there are a few glimmers of hope. Credit Suisse private bankers are set to relocate to UBS’ flagship office at 9 Penang Road in July 2023.

UBS is also showing an interest in retaining—and replacing—key personnel in critical roles. A prominent example is Singapore star banker Young Jin Yee, who was once Singapore’s wealth management head in Credit Suisse. She will be joining UBS this month as co-head of global wealth management for Asia-Pacific (including Singapore and South-east Asia).

Potential Career Paths to Consider

Amidst all this uncertainty, you have to evaluate your current role and see if it’s worth staying. Have you been headhunted by other financial institutions? Several Credit Suisse private bankers reportedly received generous offers increasing their compensation by 50%.

When you’re weighing your options, don’t forget to formulate your long-term career vision. Do you foresee yourself remaining in investment banking in the next decade or so? Here are two potential career paths you can consider:

1. Pursuing Entrepreneurship: Enticed by the prospect of building a company from the ground up, many investment bankers have left their jobs to become successful entrepreneurs. The extensive network of professional contacts you have cultivated as an investment banker can provide funding and practical support.

It is reported that the biggest draw of entrepreneurship is independence. Being your own boss means freedom to make decisions without reporting to a line manager—and the chance to retain company profits.

2. Specialising in FinTech: Assuming you would still like to remain in banking, it’s a good bet to specialise in FinTech! Rapid digitalisation is revolutionising the entire financial services sector, with the line between traditional banks and FinTech firms blurred.

Furthermore, the FinTech scene in Singapore is rife with opportunities right now. Local FinTech investments reached a three-year high of US$4.1 billion across 250 deals in 2022. Private equity funds and startups are eagerly seeking talent with FinTech deal expertise.

In order to specialise in FinTech, you’ll need to be at the forefront of innovation. That means you are intimately familiar with financial technologies ranging from blockchain to robo-advisors. Having some experience in computer programming and software development is ideal as well.

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