Chart of the Week: Which Singapore bank pays their staff the most?

Despite a 5% decline in pay per head, this bank still has the largest pay.

Amidst a broad-based improvement in profitability in Q2, staff costs per head at two of Singapore's three largest banks also rose in the first half of 2018, according to efinancialcareers. 

Staff costs per head are computed by total employee expenditure (inclusive of salaries and bonuses) over total headcount. 

Also read: Singapore retail and wealth banks shun digital as they ramp up hiring in Q2

UOB booked the largest half-year pay per head growth at 11% to $48,143 amidst higher spending on front-office employees specifically those in group wholesale banking and global markets.   

OCBC's pay per employee also inched up by 5% to $39,511 on the back of heightened recruitment in tech and private banking segments. 

On the other hand, DBS registered a 5% decline in pay per head figures which can be linked to the addition of hundreds of ex-ANZ employees it onboarded after acquiring the Australian bank's business in 2016. The bulk of transitioning ANZ staff are employed in the lower earning lucrative retail and support roles, according to efinancialcareers.

Nevertheless, DBS still remains the bank with the largest pay per head than its peers as its non-retail front office operations are larger than its two rivals.

The number of staff working at Singapore's Big Three rose by 4,541 to 80,733 in the first half of the year.