Singapore has been named the most desired destination for investment bankers to work, receiving 27% of the vote in a poll conducted by the recruitment firm Astbury Marsden. London slipped to second place in the survey which also includes Hong Kong, New York and Dubai in its top five.

The lure of London for finance professionals is declining can be accounted for by increased regulation, domestically and from the EU, and the prevalent demonization of bankers in the national press.

The results contrast with comments made by Lord Adair Turner, chairman of the Financial Services Authority, suggesting that [the idea of] ”people going off to Hong Kong or Singapore or Brazil to escape our capital and liquidity regimes is a complete fantasy”. The results would indicate a growing appetite to re-locate.

For Cityjobs candidates, an increased breadth of available working locations offers choice and scope for career advancement as well as opportunity to travel.

Singapore is viewed as a rising, dynamic financial stronghold with competitive tax rates and a respect for financial services. With other emerging financial centers like Shang-Hai and Hong Kong, Cityjobs hopes London can retain its attraction and continue to be hot spot for the world’s best financial talent.

Source: http://www.astburymarsden.com/about/polls/12/Which-of-these-leading-financial-centres-would-you-consider-moving-to/

CityAM and the BBC news are both reporting that cash bonuses on Wall Street fell 8% year-on-year. But far from being an index of a wobbling market, this instead reflects increased prudence amongst firms who are keen to reform after the global economic recession and earn the public trust. Indeed, overall remuneration increased by 6% in the same period, with basic salaries up and bonuses awarded as stock in an attempt to lock employees into organisations for longer.

This could signal a wind of change in the global finance markets. Typically, moves within the industry defer until annual bonus payments are made. If the financial reward of cash bonuses mutates into broader salary packages, we could see a more static level of recruitment opportunities across the year, rather than the seasonal peaks and troughs that are prevalent now.

Also in the news this week is the report that RBS have pledged to pay bonuses of around £950m despite losses of over £1bn. No doubt there will be criticism from the national press that a bank part-owned by the tax payer could switch back so quickly to the bonuses awards that were seen by the public as a cause of the recent recession. Perhaps the example set in Wall Street will set a global standard for rewarding deserving banking staff in a way that is seen as acceptable in the public eye.