Any retrenchment after this lunar new year?

[yowetan]

Hi all...anyone experiencing this for the year of Snake?

[howgozit]

I certainly hope not...

btw, what a thing to bring up on the 2nd day of CNY....

Guys.... I hope all forummers a Happy and Healthy 2013.

Yowetan, I hope you achieve your dreams, but do be careful... IMHO its a risky year. Don't be thrown offtrack by talk of a 6.9mil population.

[yowetan]

I certainly hope not...

btw, what a thing to bring up on the 2nd day of CNY....

Guys.... I hope all forummers a Happy and Healthy 2013.

Yowetan, I hope you achieve your dreams, but do be careful... IMHO its a risky year. Don't be thrown offtrack by talk of a 6.9mil population.

Hi...Thanks for the advice/warning.

My company is current going through simplifcation process. Our department has been "condensed" and have most of our work "redesigned". This is an on-going simplification process, I feel I will be affected in a matter of time.

My spouse's team has already being impacted 80% and our big boss has step out and assure us of job security, which somehow I feel is meant for the pacification process, talk only.

My game is well-guarded as of moment, as I am not over-leverage since I am holding one and only Tiong Bahru 5 room HDB flat.

Nonetheless, I am looking for jobs now. I am open to all offers if you guys have any propositions for me. TIA.

[Lovelle]

Hi...Thanks for the advice/warning.

My company is current going through simplifcation process. Our department has been "condensed" and have most of our work "redesigned". This is an on-going simplification process, I feel I will be affected in a matter of time.

My spouse's team has already being impacted 80% and our big boss has step out and assure us of job security, which somehow I feel is meant for the pacification process, talk only.

My game is well-guarded as of moment, as I am not over-leverage since I am holding one and only Tiong Bahru 5 room HDB flat.

Nonetheless, I am looking for jobs now. I am open to all offers if you guys have any propositions for me. TIA.

U work in a bank right ?

[buttercarp]

Yowetan, you have been talking of getting retrenched since 2011, but it has not happened.
Hope your fears will remain unfounded this time.
Have a happy new year!

http://www.condosingapore.com/forums...=12157&page=22

Post #212

9th October 2011

I may get retrench...just receive a call from my AM. There will be
restructure in my bank.

http://forums.condosingapore.com/sho...=13972&page=29

Post #282

8th June 2012

Thanks for sharing the market movement.

Yes, my team has restructured early this month; we have stop contract staffs, and now moving with all perm staffs now.

Yes, we will watch our back. That is why my wife is looking for jobs now.

[Laguna]

Yowetan, you have been talking of getting retrenched since 2011, but it has not happened.
Hope your fears will remain unfounded this time.
Have a happy new year!

http://www.condosingapore.com/forums...=12157&page=22

Post #212

9th October 2011



http://forums.condosingapore.com/sho...=13972&page=29

Post #282

8th June 2012

Hi, Butter, thanks for your notes, just in time. Otherwise I will waste some efforts to write something good for Ah Tan.

I am now having holiday at Koh Lanta...beautiful beaches, water and sunset. All other went for diving. I have to safeguard all the belongings here and reading my sword fighting stories.

[buttercarp]

Hi, Butter, thanks for your notes, just in time. Otherwise I will waste some efforts to write something good for Ah Tan.

I am now having holiday at Koh Lanta...beautiful beaches, water and sunset. All other went for diving. I have to safeguard all the belongings here and reading my sword fighting stories.

Hi Laguna, wow.....I google search that island n it looks so beautiful n tranquil.
Lol..... u r the security guard but at the same time u can read ur books.
On trips like this I will be security guard plus photographer.
Enjoy !

[Laguna]

Hi Laguna, wow.....I google search that island n it looks so beautiful n tranquil.
Lol..... u r the security guard but at the same time u can read ur books.
On trips like this I will be security guard plus photographer.
Enjoy !

but the Thai massage is so lousy.....
doing online shopping for vouchers

[radha08]

Mr Tan..."if we live in fear today we will never be able to enjoy tommorow"...

[leesg123]

anyone heard anything from the banks? i hear that foreign banks in SG no bonus this round. can keep job, can laugh already.

[Kanarazu]

anyone heard anything from the banks? i hear that foreign banks in SG no bonus this round. can keep job, can laugh already.

Foreign banks still have bonus but depends which business unit or dept.

[Santro]

Bank staff have been living in fear for past few years and it has become a part of life!! For foreign banks, Q1 is usually downsizing time as they have seen the prior year financial results and have to take action to cut losses .The easiest and fastest way for them to show $$ improvement is retrench people.

[samuelk]

I think its seasonal. Many people will be leaving .
with the right balance of SC and FT been focus on the job front except in banks, am sure the outlook is good.

[buttercarp]

Mr Tan..."if we live in fear today we will never be able to enjoy tommorow"...

Yes, well said, bro!
So Mr Tan should enjoy his CNY and not think too much.

[Laguna]

Now, the banks are giving bonus in components :

1. cash components : perhaps in 20-30% range, depends on the level, the higher you are in, the less cash you get.

2. deferred components : the balance of the bonus is usually come in as deferred bonus, payable within 3-5 years. If you resign within the deferred period, the entire deferred portion is forfeited. If you are being retrenched, you can collect the entire sum.

Attrition either in the form of retrenchment or ask to go, is now the norm in the banks, perhaps more so in foreign banks.

One of the local banks, has this performance grading system, the bottom 5% will be asked to go.

As for Ah Tan, at the age of mid 30s, Uni grad, getting $3,000 a month, the chances of being asked to go is rather high. A fresh uni grad of better calibra is already getting higher than this sum.

Anyway, this is life, His life afterall is not that bad, still got two HDB rental income going to his pockets.

[gwlip]

But bank staff are paid very well vs most other industries no?
Are jobs hard to find in the banking industry now in Singapore? Isn't it similar for most other industries?

[onglai]

My relative was asked to go 1-2 months ago. Credit Suisse.

[FREDDIE]

Now, the banks are giving bonus in components :

1. cash components : perhaps in 20-30% range, depends on the level, the higher you are in, the less cash you get.

2. deferred components : the balance of the bonus is usually come in as deferred bonus, payable within 3-5 years. If you resign within the deferred period, the entire deferred portion is forfeited. If you are being retrenched, you can collect the entire sum.

Attrition either in the form of retrenchment or ask to go, is now the norm in the banks, perhaps more so in foreign banks.

One of the local banks, has this performance grading system, the bottom 5% will be asked to go.

As for Ah Tan, at the age of mid 30s, Uni grad, getting $3,000 a month, the chances of being asked to go is rather high. A fresh uni grad of better calibra is already getting higher than this sum.

Anyway, this is life, His life afterall is not that bad, still got two HDB rental income going to his pockets.

Can owned two HDB?
If you own HDB and PC you have to stay at HDB and rental out PC.

[CondoWE]

Can owned two HDB?
If you own HDB and PC you have to stay at HDB and rental out PC.

He got 3 HDBs, 1 owned, 1 parent, 1 parent in law . He housed all in one, rental 2 and pocket the passive.. !

[CondoWE]

As for Ah Tan, at the age of mid 30s, Uni grad, getting $3,000 a month, the chances of being asked to go is rather high. A fresh uni grad of better calibra is already getting higher than this sum.

Anyway, this is life, His life afterall is not that bad, still got two HDB rental income going to his pockets.

He is so brave...with his and his wife active income, he still dare to eyeing mt sinai... !

[PN]

He is so brave...with his and his wife active income, he still dare to eyeing mt sinai... !

You mean like this?

[zzz1]

Hi all...anyone experiencing this for the year of Snake?

In a way , count yourselves 'lucky' if your name do happen in the list to receive after cny. At least your boss is merciful to issue only after cny, if any.

I ever see my friend in other department choose to instruct HR to release the retrenchment letter before cny. Reason is to save up the paid leave of holidays. I told him not to be too high handed but taken as deaf ear. At least let the employee enjoy the cny first with family .

But what goes around, turn around . He eventually being replaced as well..

Hope you and every one don have to go thru this..

Happy cny!!!

[Laguna]

Hi...Thanks for the advice/warning.

My company is current going through simplifcation process. Our department has been "condensed" and have most of our work "redesigned". This is an on-going simplification process, I feel I will be affected in a matter of time.

My spouse's team has already being impacted 80% and our big boss has step out and assure us of job security, which somehow I feel is meant for the pacification process, talk only.

My game is well-guarded as of moment, as I am not over-leverage since I am holding one and only Tiong Bahru 5 room HDB flat.

Nonetheless, I am looking for jobs now. I am open to all offers if you guys have any propositions for me. TIA.

In other words, both of you are highly insecured.
Why don't you put up details of your CV here, instead of just going after hopefully and BJ21T all the time.

[Santro]

Bank staff, mid 30s, uni grad getting $3000 a month. I hear interns joining at higher pay unless contract staff in mail room, corporate services or something. I really doubt the correctness of his statement .

Now, the banks are giving bonus in components :

1. cash components : perhaps in 20-30% range, depends on the level, the higher you are in, the less cash you get.

2. deferred components : the balance of the bonus is usually come in as deferred bonus, payable within 3-5 years. If you resign within the deferred period, the entire deferred portion is forfeited. If you are being retrenched, you can collect the entire sum.

Attrition either in the form of retrenchment or ask to go, is now the norm in the banks, perhaps more so in foreign banks.

One of the local banks, has this performance grading system, the bottom 5% will be asked to go.

As for Ah Tan, at the age of mid 30s, Uni grad, getting $3,000 a month, the chances of being asked to go is rather high. A fresh uni grad of better calibra is already getting higher than this sum.

Anyway, this is life, His life afterall is not that bad, still got two HDB rental income going to his pockets.

[yowetan]

In other words, both of you are highly insecured.
Why don't you put up details of your CV here, instead of just going after hopefully and BJ21T all the time.

Hi Laguna...thanks for the initiative. I will send my resume to those who have proposition to me.

Due to confidentality of my workplace, I shall refrain from positing resume/cv here. Who knows my boss is lurking in the forum as well?

[DC33_2008]

BARCLAY: Operations in Singapore to be affected by job cuts as new CEO sets out to rebuild bank




7 hours 40 min ago

LONDON — Barclays is axing at least 3,700 jobs and pruning its investment bank as its new boss put his stamp on the troubled British bank by aiming to cut £1.7 billion (S$3.3 billion) in annual costs and raise standards after a series of scandals.
TODAY understands that the bank’s Singapore operations will be affected by the job cuts. It hires about 3,500 employees here.
However, when contacted, Barclays Singapore declined to reveal the number of jobs here that will be shed.

The plans form part of an overhaul which Chief Executive Antony Jenkins hopes will convince a sceptical public that he can change a bank that has been dogged by controversy, including a US$450-million (S$559.5-million) fine for rigging Libor interbank lending rates.

“I understand the cynics and the sceptics out there, but cynics and sceptics never built anything. It will take years before people actually change their impression of us. I’m not daunted by that at all,” Mr Jenkins told BBC radio.
Barclays said the job cuts will include 1,800 in corporate and investment banking and 1,900 in its European retail and business banking. Finance Director Chris Lucas said 1,600 of the investment bank cuts had already been made.

Mr Jenkins plans to focus investment in Britain, the United States and Africa, and reduce the bank’s presence in continental Europe and Asia.
Nearly one in three Barclays branches in continental Europe, or over 340 offices, according to Reuters calculations, will be closed.

He will scale back the investment bank’s equities and advisory businesses in continental Europe and Asia and refocus its retail businesses in Italy, Spain, Portugal and France on mass affluent customers.