DBS cutting staff...

[Dafansu]

Then I also Managing Director of my family, as I manage my sons, daughters, etc

 

u are the CEO already

[Picanto]

yes. bank kena scolded by a ministar for retrenching workers. whether the scolding is wayang or not.....no one knows.

[Kelpie]

maybe they are only targetting at those retiring senior staff .... again, not really cutting fats, but giving out golden parachute for these pple

 

The cut was across the board, not just senior staff or retiring staff.

 

Regards,

[Kelpie]

as long as u manage few staffs u will be call managing director?

 

MD is just a title lah, I heard there are MDs with no or just 1 staff under him in the bank.

 

Regards,

[Throttle2]

MD although is a title, cannot be too lousy...

 

should make $50k per month easily

Edited November 14, 2008 by Throttle2

[Kelpie]

Ha Ha. That you are wrong, nowadays in Banking, title super cheap, many many MDs around. There are easily at least 200-300 MDs in DBS by estimate.

 

MD is an internal rank, but appointment is different. I think Richard Stanley is also a MD in rank, but appointment is group CEO. Head of treasury or say consumer bank are also MDs, but report to Richard Stanley (I may be wrong in reporting line but u get the picture)

 

My wife whose friend works in the asset management arm of the bank, told us that the people who are culled so far are those who are not recruited by the current CEO, all those who she recruited or recruited by her recruits are all still in the company. In addition, those who got culled do not include the senior management like MDs and Senior VPs.

 

It seems like chopping for the sake of chopping, 6% across the Bank mah.

 

Regards,

[Kelpie]

MD although is a title, cannot be too lousy...

 

should make $50k per month easily

 

In DBS case, you wait long long .

 

Regards,

[Kelpie]

Fully agreed. A local fund management company i know of used to be a leader in the market but since a CEO change about 1 year ago, the CEO brings in all related friends into the top management and run the business like their own company. Top heavy and bottom light.

 

Now the company unit trust are amongst the worst in the industry. Almost all the fund for the 1 year period in the last or last few. A so called Asian specialist but the asian funds are bottom of the market since the CEO took over.

 

Sound like DBS Bank Fund Management leh? You are talking about that Female CEO is it? Not only top heavy, bottom light but more like a Female shop .

 

Regards,

[Ronnchee]

maybe they are only targetting at those retiring senior staff .... again, not really cutting fats, but giving out golden parachute for these pple

 

Win already lor. Retiring soon, yet with this retrenchement exercise, got big fat retrenchment benefit.

 

Cost cutting hub ??

[Wt_know]

i don't understand how lay off can help corporation cut cost.

let's assume there are 10 senior staff that have work for 10 years.

each senior staff salary is $10,000 per month (conservative assumption)

severance package is 10 staff x $10,000 x 10 months (1 month compensation per year) = 1,000,000

 

why not suggest pay cut instead of giving severance package which is a huge sum ?

the only reason i can think of is to 'write-off' these people so that the next quarter P&L looks good.

Edited November 14, 2008 by Wt_know

[Surferguy1978]

i think should have some saving in the long run. e.g. maybe the bank save on car allowance which can amount to few thousand per mth... medical claims for staff and family members.. dental claims. no need to pay bonus and aws... maybe bank also factor in the no of leave that this staff is entitled to and all the benefits...

 

the bank have alot of consultant to help them brainstorm and calculate one.

[Ngck]

thats the whole idea.

 

they answer to shareholders. not to employees.

 

P&L report have to look good no matter at what cost

[Cheekg98]

yes. bank kena scolded by a ministar for retrenching workers. whether the scolding is wayang or not.....no one knows.

i think DBS ceo and chairman probably wont last too long ...

[Cheekg98]

short term wise, or maybe for financial results 2008, no reduction in staff cost ... probably in 2009 ba ...

 

but again, why cut the ground forces when management could hv made a mistake in stragegy

[Ronnchee]

All fathers are CEO.

 

But my organisation is pretty small in number.

[Blackyv]

u practice lean manufacturing mah....

[Lobangking88]

To those that were retrenched.

 

Dont worry the customers you have in your database can ride you thru the storm if u know what i mean

 

This is your chance to come out and strike on your own.

 

those investment will generate some trailer/mgmt/wrap fee from the provider.

 

I know u know wat to do.....

[Lobangking88]

They going to lose lots of big clients out [flowerface]once they know ther p.banker move...its the relationship that matters too

Edited November 15, 2008 by Lobangking88