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Thread: RETRENCHMENT BEGINS

  1. #1
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    Default 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.

  2. #2
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    some banks are taking this opportunity to axe the under-achievers

  3. #3
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    A US bank with extensive network in Sg today sent out notices to staff to pack their bags with immediate effect.

  4. #4
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    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.

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    hmmm....am i lucky not to have any bankers/traders as my tenants?

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    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.

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    Quote Originally Posted by HP65
    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

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    Civil service different performance maxtrix. In a world of their own.
    Beside must give bonus what, Elections just over. Five more good years!

    Quote Originally Posted by Lovelle
    which industry are u in ? why so drastic ? Civil service has more bonus this year

  9. #9
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    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.

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    Quote Originally Posted by Lovelle
    which industry are u in ? why so drastic ? Civil service has more bonus this year
    Hewlett Packard?

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    Quote Originally Posted by Lovelle
    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...

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    Quote Originally Posted by devilplate
    hmmm....am i lucky not to have any bankers/traders as my tenants?
    Can share the typical profiles of your tenants?

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    Quote Originally Posted by peterng8
    his nick is HP65 leh.....maybe that a good indication...
    lol...hp is my initial, 65 is the year I was born. Ops, say too much already

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    Quote Originally Posted by edwinleeap
    Can share the typical profiles of your tenants?
    Pretty and sexy lor....hehehe

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    Quote Originally Posted by HP65
    lol...hp is my initial, 65 is the year I was born. Ops, say too much already
    Vulnerable to midlife crisis....hehe

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    Quote Originally Posted by devilplate
    Vulnerable to midlife crisis....hehe
    As long as you can afford it. Don't get cheated by young flesh!

  17. #17
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    Especially by young flesh that was retrenched.

    Quote Originally Posted by edwinleeap
    As long as you can afford it. Don't get cheated by young flesh!

  18. #18
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    Quote Originally Posted by Lovelle
    which industry are u in ? why so drastic ? Civil service has more bonus this year
    Check out the civil servants in Britain... govt scared wait later they also copy cat!!!

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    Quote Originally Posted by devilplate
    Pretty and sexy lor....hehehe
    those in sex trade and liquor trade, no retrenchment, ask Geylang OKT..., good and times, still have demand..the sleaze and the booze....

  20. #20
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    Less tips, so still affected. Also got more competition.
    Only death trade unaffected by economic conditions.

    Quote Originally Posted by land118
    those in sex trade and liquor trade, no retrenchment, ask Geylang OKT..., good and times, still have demand..the sleaze and the booze....

  21. #21
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    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

  22. #22
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    Those in education also good. Recession period has more time to go back to upgrade themselves.
    Quote Originally Posted by land118
    those in sex trade and liquor trade, no retrenchment, ask Geylang OKT..., good and times, still have demand..the sleaze and the booze....

  23. #23
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    Quote Originally Posted by marktkt22
    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.......many many people loose money in share mkt when it was delisted...

  24. #24
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    Default Performance Based cut

    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

  25. #25
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    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.

    Quote Originally Posted by richwang
    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

  26. #26
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    Quote Originally Posted by gn108
    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

  27. #27
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    more to come

    when Dow drop below 8000?

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    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.

  29. #29
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    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
    Ride at your own risk !!!

  30. #30
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    Dexia also in trouble.

    How abt the likes of Barclays and HSBC?


    Quote Originally Posted by proud owner
    BNP let go quite a few last week ...

    Societe Generale let go some this week

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