Canadian bank grows Singapore team with ex-Canadian bank MD
If you're a Canadian bank looking to build out a markets team in Singapore, it helps when there's a Canadian on the market. Paul Bertrand spent nine years at Scotiabank in Singapore and, after a brief period away from banking, he's resurfaced at a Canadian rival.
CIBC Capital Markets hired Bertrand as an MD and Singapore head of global markets. He spent the last 18 months as an MD in derivatives sales at British markets intermediary JB Drax Honore, but was previously Scotiabank's APAC head of global capital markets.
Bertrand left Scotiabank in late 2022. At the time, the bank was cutting jobs in its APAC capital markets team to focus on its North and South American teams. Relocation packages were reportedly offered to some staff members as part of the cuts. The city is still home to plenty of Scotiabank traders, though, including APAC head of FX sales and trading Sabrina Tan. Bertrand spent eight months out of the market before joining JB Drax.
CIBC's footprint in Singapore meanwhile seems much smaller, for now at least. It's pushing into the city at a somewhat countercultural time; jobs in Singapore are at risk of being offshored or replaced by AI, while jobs in Hong Kong are becoming more abundant.
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