KUALA LUMPUR (Oct 7): Despite slower economic outlook and uncertainties ahead, banks are still looking to hire, especially in the private banking and digital banking segments, according to Towers Watson.

Towers Watson (Malaysia) Sdn Bhd global data services practice leader Sulaxmi Prasad said there is still demand for jobs in the banking sector, even though some of the local banking groups are retrenching or offering separation schemes.

"Hiring will slow down because of the negative economic outlook, but it will not stop," she told theedgemarkets.com, after Towers Watson’s Financial Services Club Meeting today.

"The attrition rate in the financial services industry in Malaysia remains high at 12.5% in 2015, although it has dropped from 14% in 2014," she said, referring to findings from the Towers Watson 2015 Financial Services Total Rewards Survey.

With the rise of digital banking and information technology, she said information technology roles would be very much in demand.

She added that the sales and marketing, and customer service jobs are very much in demand, due to the higher turnover rate.

However, Sulaxmi noted there is less hiring in investment banks, as the capital market has weakened due to multiple factors such as negative economic outlook, lower oil prices and currency depreciation, but the increase of jobs at banks is still keeping pace with previous years.

CIMB Group Holdings Bhd, which completed its mutual separation scheme in July, saw the rationalisation of 11.1% of its workforce.

RHB Capital Bhd announced early last month that the banking group is offering a separation scheme called career transition scheme (CTS), to improve its productivity and optimise manpower.

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