I have friends working in the NY offices of BBs, and a good number have commented that Singapore is well regarded for being very strong with technicals.

Aside from that, I don't think all the top students are flocking to banking these days. At least, not to IB. There is more of a work-life balance thingy going about, and I see a good number venturing into other areas... so it isn't fair to assume that all first class honors people are applying for IBs.