RETRENCHMENT BEGINS

[proud owner]

Dexia also in trouble.

How abt the likes of Barclays and HSBC?

RBC closed their Sydney office

[proud owner]

RBC closed their Sydney office

heard
and spanish bank in singapore and Citibank also retrenched some either last night or this morning

[mcmlxxvi]

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)....

[dmonddd]

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

[dmonddd]

Singaporeans should Always have the mind set everything can be done like the ......... Never say no

[DC33_2008]

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.

[dmonddd]

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......

[mcmlxxvi]

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.

[art10626]

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?

[gn108]

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?

[DC33_2008]

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.

[gn108]

I wish he would go...

Lim SS will know when and how many will go.

[gn108]

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.

[HP65]

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.....

[HP65]

- deleted , double posts -

[gn108]

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.....

[richwang]

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

[gn108]

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]

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.

[Eastboy]

retrenchments happen EVERY year la omg....

only matters when it is massive retrenchment. thus far the numbers are really insignificant.

[gn108]

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.

[HP65]

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.

[HP65]

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

[Eastboy]

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

ya make sure your son don't end up as minister also...super pai tan!!!! LOL.

ask ur son to end up as developer!!!

[samuelk]

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

[hopeful]

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

can ask stupid question?
is HR department the last to be downsized? afterall they have to handle the other departments first right?

[Eastboy]

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.

[HP65]

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

[mcmlxxvi]

Dont be a salaried worker. Be your own boss. Be a landlord. Will never get retrenched. Kekekekeke

[teddybear]

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?

Dont be a salaried worker. Be your own boss. Be a landlord. Will never get retrenched. Kekekekeke