Bank of Singapore resumed aggressive hiring in 2025 after pausing recruitment in 2024 to integrate a large wave of new staff, the private bank said [1]. The bank surpassed its goal of employing 500 relationship managers by the end of 2025, setting the stage for its next growth phase [1].
CEO Jason Moo said the bank is sharpening its focus on ultra-high-net-worth (UHNW) clients as competition intensifies across Asia. "If it takes the same effort to serve a US$100 million client as a US$10 million one, then why not go bigger?" he said [2].
The bank aims to increase the proportion of assets under management coming from ultra-high-net-worth clients by 30% by 2028 [1]. To support this goal, it is combining aggressive hiring with enhanced bespoke investment services and integration into OCBC’s whole-of-wealth ecosystem [2, 3]. Moo noted large inflows are entering the region, providing momentum for growth [2, 3].
Despite the positive outlook, private banking profits remain sensitive to market sentiment and geopolitical risks such as ongoing Middle East conflict volatility [1]. The bank’s expansion follows a strategic pause during 2024, focusing on assimilating recruits before scaling its UHNW client base.
The next major milestone is reaching the 30% growth target in ultra-high-net-worth assets under management by 2028, reflecting Bank of Singapore’s continued push to capture more affluent clients amid regional competition [1].
