Singapore finance hiring outlook drops to 11% in Q2 survey

Finance job demand weakens even as national hiring expectations climb to 24%.

Singapore’s finance and insurance sector is turning more cautious on hiring in the second quarter of 2026, even as the broader job market improves. 

ManpowerGroup’s latest survey shows Singapore’s overall Net Employment Outlook, or NEO, rose to 24%, up 10 points from the previous quarter, but the finance and insurance sector posted a much lower reading of 11%. 

That also makes it one of the weakest sector outlooks in the country and a sharp 23-point drop from the previous quarter.

Across all sectors in Singapore, 45% of employers said they plan to increase staff between April and June, whilst 21% expect to cut jobs and 33% expect no change, producing the 24% net outlook. 

In finance and insurance, the weaker reading suggests firms are still hiring on balance, but at a much slower pace than sectors such as information at 41% and construction and real estate at 39%.

The survey says expected job cuts are being driven by economic challenges, whilst hiring plans are linked to company expansion. 

For finance, that points to firms staying selective with headcount as they manage costs and weigh the economic outlook. 

The report also notes that data was collected from January 1 to February 3, 2026, before the geopolitical developments that began across the Middle East in late February, so later risks may not be reflected in the results.

There are also signs that companies are still working out where technology spending delivers value. 

In Singapore, employers said AI produced the strongest return on investment in learning and development at 32%, whilst 10% said they had seen no realised ROI so far. 

At the same time, only 4% of employers said current AI tools meet expectations for hiring, onboarding and training. That matters for finance employers trying to improve productivity without adding too many staff.

Overall, the message for the finance sector is clear: Singapore’s labour market remains positive, but banks, insurers and other financial firms appear to be hiring more carefully than much of the rest of the economy.