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In retail banks’ local functions, Singapore citizens account for seven in 10 of senior management roles, according to the Monetary Authority of Singapore’s (MAS) estimates.
However, across the country’s entire financial sector, Singaporeans make up about 43 per cent of senior management.
This reflects Singapore’s role as an international financial centre, MAS managing director Ravi Menon wrote in response to a letter to The Straits Times Forum page.
“As our financial sector attracts more regional and global HQ (headquarter) functions, it creates more good jobs and opportunities for Singaporeans.
“But it also means a higher proportion of foreigners in senior management in these functions as FIs (financial institutions) understandably draw from a global talent pool to fill these positions,” he added.
Even so, a “good number” of Singaporeans have assumed regional leadership roles, Mr Menon noted. More citizens are also taking on overseas positions, which is typically a prerequisite for such leadership positions.
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