View Full Version : RETRENCHMENT BEGINS
Thinking of consolidating retrenchment nos. in this thread. Know of a Swiss bank look after private banking customer starts to retrench bankers in early Jan 2012. Any other such news? Will have direct impact on rentals.
some banks are taking this opportunity to axe the under-achievers
A US bank with extensive network in Sg today sent out notices to staff to pack their bags with immediate effect.
MF Global SG retrench 80...heard they will be sold.
So hope for the rest of the staff.
Electronic firms looking to retrench. Nothing in a big way yet until after the New Year - when there is more visibility on demand/orders.
devilplate
01-12-11, 10:30
hmmm....am i lucky not to have any bankers/traders as my tenants?
My company is also cutting staff salaries by up to 8%. Rank and file take 5% cut, senior mgmt 8% wef from 2012. No mid-year promotion, promotions will be frozen.
My company is also cutting staff salaries by up to 8%. Rank and file take 5% cut, senior mgmt 8% wef from 2012. No mid-year promotion, promotions will be frozen.
which industry are u in ? why so drastic ? Civil service has more bonus this year
Civil service different performance maxtrix. In a world of their own.
Beside must give bonus what, Elections just over. Five more good years!
which industry are u in ? why so drastic ? Civil service has more bonus this year
Yes, a swiss bank is re-integrating its boutique private banking arm and expect to axe 500 workers.
One of the Morgan banks is moving processing functions like product control, finance to a cheaper location, so already expected some handover before taking the not so golden handshake.
which industry are u in ? why so drastic ? Civil service has more bonus this year
Hewlett Packard?
which industry are u in ? why so drastic ? Civil service has more bonus this year
his nick is HP65 leh.....maybe that a good indication...:p
edwinleeap
01-12-11, 14:00
hmmm....am i lucky not to have any bankers/traders as my tenants?
Can share the typical profiles of your tenants?
his nick is HP65 leh.....maybe that a good indication...:p
lol...hp is my initial, 65 is the year I was born. Ops, say too much already :D
devilplate
01-12-11, 14:31
Can share the typical profiles of your tenants?
Pretty and sexy lor....hehehe
devilplate
01-12-11, 14:35
lol...hp is my initial, 65 is the year I was born. Ops, say too much already :D
Vulnerable to midlife crisis....hehe
edwinleeap
01-12-11, 14:36
Vulnerable to midlife crisis....hehe
As long as you can afford it. Don't get cheated by young flesh!
Especially by young flesh that was retrenched. :cheers4:
As long as you can afford it. Don't get cheated by young flesh!
which industry are u in ? why so drastic ? Civil service has more bonus this yearCheck out the civil servants in Britain... govt scared wait later they also copy cat!!! :scared-4:
Pretty and sexy lor....hehehethose in sex trade and liquor trade, no retrenchment, ask Geylang OKT..., good and times, still have demand..the sleaze and the booze....:D
Less tips, so still affected. Also got more competition.
Only death trade unaffected by economic conditions.
those in sex trade and liquor trade, no retrenchment, ask Geylang OKT..., good and times, still have demand..the sleaze and the booze....:D
Amd axed 50 last 2 week,
Utac retrench in October
Umc, Chrt been doing intermittently shutdown.
Even 3m also shutdown ...
Mfg Semicon in bad shape
Those in education also good. Recession period has more time to go back to upgrade themselves.
those in sex trade and liquor trade, no retrenchment, ask Geylang OKT..., good and times, still have demand..the sleaze and the booze....:D
Amd axed 50 last 2 week,
Utac retrench in October
Umc, Chrt been doing intermittently shutdown.
Even 3m also shutdown ...
Mfg Semicon in bad shape
where got chrt...long dead...now called global foundries....:cool:...many many people loose money in share mkt when it was delisted...:(
SCB cut some senior manager hired from Lehman. This person was making in the range of S$10M and didn't contribute to the company. So it is a performance based cut. Overall SCB is expanding in Singapore.
Thanks,
Richard
Banks like SCB, always take opportunity to hire during economic downtime, coz they always lose their staff during the good times. These 2nd tier banks (as compared to GS/MS) are anti-cyclical to some degree.
But I wld expect the French banks here to shed some staff here from next year.
SCB cut some senior manager hired from Lehman. This person was making in the range of S$10M and didn't contribute to the company. So it is a performance based cut. Overall SCB is expanding in Singapore.
Thanks,
Richard
proud owner
02-12-11, 11:13
Banks like SCB, always take opportunity to hire during economic downtime, coz they always lose their staff during the good times. These 2nd tier banks (as compared to GS/MS) are anti-cyclical to some degree.
But I wld expect the French banks here to shed some staff here from next year.
BNP let go quite a few last week ...
Societe Generale let go some this week
devilplate
02-12-11, 11:28
more to come
when Dow drop below 8000?
US n EU r cutting back their civil servants pays n govt programmes. Export demand should plunge more early next year. I expect more SMEs to retrench by mid next year. It shd b longer term recession than end 2008. On e other hand, inflation will stay high.
phantom_opera
02-12-11, 12:15
Oil/gold are still held very high, partly due to QE1/QE2, partly due to threat of attack on Iran .... once oil is above 100USD, COE on the rise, pay increase in the civil service, there is no way for inflation to stay low next year
China could again lower the reserve ratio of banks next month
Dexia also in trouble.
How abt the likes of Barclays and HSBC?
BNP let go quite a few last week ...
Societe Generale let go some this week
proud owner
02-12-11, 12:26
Dexia also in trouble.
How abt the likes of Barclays and HSBC?
RBC closed their Sydney office
proud owner
02-12-11, 13:30
RBC closed their Sydney office
heard
and spanish bank in singapore and Citibank also retrenched some either last night or this morning
US n EU r cutting back their civil servants pays n govt programmes. Export demand should plunge more early next year. I expect more SMEs to retrench by mid next year. It shd b longer term recession than end 2008. On e other hand, inflation will stay high.
Time to look for greener pastures to feed on (literally)....
Singaporeans need to work harder to sustain their jobs and costs of bringing over Western and other part of Asia so called talents are not helping
Singaporeans can multi task and better worker than others
Singaporeans should Always have the mind set everything can be done like the ......... Never say no
Today's ST reported quite a no. of companies are laying off people. Even KPMG is asking staff to take one day no pay leave per week.
i must say top management of the companies commonly share thoughts on few stuff:
1) I will sacrifice the juniors
2) I will make sure i maintain or increase my bonus package
3) i will make sure my allowances are intact
4) I will make sure my car is not sold....to save costs for the company
5) i will make sure I do a bit of savings on other ppl travel and seminar/training
6) i will make sure I fly business/first class
HR in most companies would have challenges but they never wish to drive the nail in at top level. or they dont have the independent authority......
i must say top management of the companies commonly share thoughts on few stuff:
1) I will sacrifice the juniors
2) I will make sure i maintain or increase my bonus package
3) i will make sure my allowances are intact
4) I will make sure my car is not sold....to save costs for the company
5) i will make sure I do a bit of savings on other ppl travel and seminar/training
6) i will make sure I fly business/first class
HR in most companies would have challenges but they never wish to drive the nail in at top level. or they dont have the independent authority......
Well said. Hit nail on the head.
I think there are many banks moving middle office functions to India and Philippines... middle and back office create many jobs here... with the outsourcing, are there any plans for Singapore to climb up the value chains like manufacturing? Else how? Not everyone can go front office right?
Sorry bro, but you should state ACTUAL retrenchment exercises.
While I understand what you're saying - it does not mean it's happening for X, Y bank now. These measures may have been planned for 1-2 years ago.
I think there are many banks moving middle office functions to India and Philippines... middle and back office create many jobs here... with the outsourcing, are there any plans for Singapore to climb up the value chains like manufacturing? Else how? Not everyone can go front office right?
Lim SS will know when and how many will go.
Sorry bro, but you should state ACTUAL retrenchment exercises.
While I understand what you're saying - it does not mean it's happening for X, Y bank now. These measures may have been planned for 1-2 years ago.
I wish he would go...
Lim SS will know when and how many will go.
PM Lee announce there will be 20% more retrenched workers this year than in 2010. He didn't comment on the Govt view on next year.
Cargill announced 2000 cuts corporate-wide
McAfee announced 3% cuts corporate-wide
Citibank announced some cuts (4500) but most in US, I reckon.
Couple of days ago, Credit Suise just handed out retrenchment letters. This time, they are not waiting for CNY (even though its an early CNY). There will be more rounds.
Bonus in some banks also announced, easily 30% lower than last year. Seat belts wear tight tight.....
- deleted , double posts -
After CNY more the SME and manufacturing sectors.
Banks follow HQ orders - so after Christmas / 1 Jan is being charitable already.
Couple of days ago, Credit Suise just handed out retrenchment letters. This time, they are not waiting for CNY (even though its an early CNY). There will be more rounds.
Bonus in some banks also announced, easily 30% lower than last year. Seat belts wear tight tight.....
my company - in financial service sector.
very quitely, but about 50+ are gone when I walked around the office. (Total Singapore staff about 600).
And yes, more to come after CNY.
Thanks! Richard
So people should hope CNY doesn't come this year - LOL...
my company - in financial service sector.
very quitely, but about 50+ are gone when I walked around the office. (Total Singapore staff about 600).
And yes, more to come after CNY.
Thanks! Richard
Regulators
20-01-12, 14:49
Rbs doing away with equities, getting rid of thousands of staff. But the redundancy package for banks usually very good, but of course it doesn't look good on the cv to be retrenched
After CNY more the SME and manufacturing sectors.
Banks follow HQ orders - so after Christmas / 1 Jan is being charitable already.
retrenchments happen EVERY year la omg....
only matters when it is massive retrenchment. thus far the numbers are really insignificant.
Every YEAR / Q-on-Q is for the dead-wood...pruning.
But when 20% MDs get cut at one IB in HK - then you know its something more than pruning.
Go catch "Margin Call" - "clap clap" even after retrenchment exercise ...of course by those who "survived" ...damn farny.
retrenchments happen EVERY year la omg....
only matters when it is massive retrenchment. thus far the numbers are really insignificant.
retrenchments happen EVERY year la omg....
only matters when it is massive retrenchment. thus far the numbers are really insignificant.
I seem to remember you are in the finance industry, I might be wrong. Anyway, those of us in the industry knows this time the retrenchment is certainly not the usual re-structuring/ re-org kind. Definitely not the scale of 2009, yet but tension is high. What's also disturbing is its been done quietly, sort of under the media radar. By the time it reaches `massive' numbers, you wouldnt be hearing it from here/ this forum. It will be splashed across BT/ ST or back of ST.
I just told my buddy to raise his hand for retrenchment now coz its still 1 month/ year of service. Wait till its 2 weeks/ year and with cap on number of years of service. Trust me, these are not rumours but facts. Go to Asiasq, lots of bankers at the 1st floor networking to see if there is lobang or not. Some just arrived last year from Europe (retrenched back home) and now worried its their turn in Singapore.
Every YEAR / Q-on-Q is for the dead-wood...pruning.
But when 20% MDs get cut at one IB in HK - then you know its something more than pruning.
Go catch "Margin Call" - "clap clap" even after retrenchment exercise ...of course by those who "survived" ...damn farny.
Its not even due to under-performance that they select who to retrench....its just blanket, unit by unit. Anyway, the finance industry is very different now. I see so many trying to earn as much as possible as they know the good old days are gone....I'm going to make sure my sons doesn't end up as a banker :D
Its not even due to under-performance that they select who to retrench....its just blanket, unit by unit. Anyway, the finance industry is very different now. I see so many trying to earn as much as possible as they know the good old days are gone....I'm going to make sure my sons doesn't end up as a banker :D
ya make sure your son don't end up as minister also...super pai tan!!!! LOL.
ask ur son to end up as developer!!!
I know of a european bank who move its IT OPS and Project team from UK to SG and now decided to displace the entired team to India and South Africa:doh:
Its not even due to under-performance that they select who to retrench....its just blanket, unit by unit. Anyway, the finance industry is very different now. I see so many trying to earn as much as possible as they know the good old days are gone....I'm going to make sure my sons doesn't end up as a banker :D
can ask stupid question?
is HR department the last to be downsized? afterall they have to handle the other departments first right?
i work in an EU IB and i see retrenchments around me all the time. i don't know when i will be retrenched but well, even if i am, i will just move on to other firms which have been wooing me with all sorts of carrots.
make sure you are well-regarded in the industry, then likelihood of retrenchment is low, while being headhunted is a common occurrence.
ya make sure your son don't end up as minister also...super pai tan!!!! LOL.
ask ur son to end up as developer!!!
That one, must be invited....i want doesn't mean they want, haha. But still buay pai lah...not that pai tan lah. But no, will also ask my sons not to enter politics/ govt service. Currently some of his classmates and school mates are minister's sons, good enuf to know them, let their children continue their parent's passion to serve the community lol
Dont be a salaried worker. Be your own boss. Be a landlord. Will never get retrenched. Kekekekeke
Want to be landlord? No more welcomed! They scare those 80% citizens red-eye, CPCB vote opposition? so no choice have to Slap you those who are richer ones with 3% ABSD if you want to buy more!
If property prices still continue to rise, may even slap you with 50% ABSD? :scared-1:
Dont be a salaried worker. Be your own boss. Be a landlord. Will never get retrenched. Kekekekeke
I know of a european bank who move its IT OPS and Project team from UK to SG and now decided to displace the entired team to India and South Africa:doh:
sounds familiar, start with 'B' ?
Want to be landlord? No more welcomed! They scare those 80% citizens red-eye, CPCB vote opposition? so no choice have to Slap you those who are richer ones with 3% ABSD if you want to buy more!
If property prices still continue to rise, may even slap you with 50% ABSD? :scared-1:
Please lah, 3% where got scared. For sure I'm not deterred by the 3%. Wat is 3% if one can buy 3 ppty. At most consolidate the smaller ppty and buy bigger units.
Most part of a department in my previous company (a financial service company) has relocated to Manila.
The data center of my new company is relocating to Bangalore.
Master degree holders cannot get PR in Singapore now.
Thanks,
Richard
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