DBS cutting staff...

[Cheekg98]

their pte banking customers also wouldnt want to put their $$$ with such banks that do not value relationships

[Alcapone]

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

 

why is he interfering with the bank's decision? he's not paying the bank's staff salaries, and neither is he contributing to their bottom line. the bank should know themselves how best to continue forward, and what strategy to employ.

Edited November 15, 2008 by Alcapone

[Modykoh]

your wife is the major share holder..kekeke

[Cheekg98]

there's a bank work union mah ... maybe they got some agreed protocol which dbs didnt comply ?

[Cheekg98]

WITH retrenchments likely to rise in coming months, the Ministry of Manpower (MOM) is reviewing its guidelines for employers on how to handle excess manpower.

 

A revised version is expected in the next few weeks.

Acting Minister for Manpower Gan Kim Yong announced this on the sidelines of a Chinese Development Assistance Council (CDAC) press meeting on Saturday.

 

He said the new guidelines will 'send a clear message to employers on the need to leverage on the tripartite framework' between the Government, employers and workers' unions, so that any retrenchment can be conducted in a 'responsible manner'.

This includes informing MOM well before a company sends out termination letters so that the Workforce Development Agency can find alternative jobs for affected employees.

 

Employers can also send workers to NTUC-subsidised skills training courses to better prepare retrenched staff for transition to a new job.

The guidelines will include more details about flexible wage systems and shorter work week or temporary layoff schemes that companies can adopt to trim costs rather than axe workers.

 

The guidelines will also encourage employers to work in consultation with their workers' unions to solicit support for any retrenchment plans.

Minister in the Prime Minister's Office and NTUC chief, Mr Lim Swee Say, who was at the event, agreed with Mr Gan that retrenchment should be conducted in a 'socially responsible' manner

[Ozkaki]

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

 

strange isn't it. dbs announced retrenchment last fri. lim swee say must wait till yesterday to do the complaining. he should have done a better job than that.

[Alcapone]

i think he was angry because dbs did not consult the bank's union about other alternatives like cutting costs, before they decide on retrenchment. i don't think the ceo made the decision himself, and if he had already consulted with the bank's senior management, why should he consult with the bank union? the bank is not run by union. it's the same in any foreign banks around the world. i'm not saying dbs had made the right decision, but he should respect the bank's decision. otherwise, it will only stir public anger.

 

juz like gahmen's salary increased to millions of dollars, did they consult the public?

Edited November 15, 2008 by Alcapone

[Cheekg98]

.... maybe a govt-owned bank contradicts the union earlier speech ? i guess it's politically sensitive ...

[Alcapone]

i'm sure the bank knows retrenchment is a painful exercise. when the bank does not produce the expected results for the shareholders, they have to make a quick decision on what strategy to adopt; they have also to decide how best to produce a better result going forward; surely cutting cost is one of the factor; which business line to focus, which to drop; and then laying off excess staff. otherwise, their share value will starting falling. sori, i'm no ceo but i think it's logic.

Edited November 15, 2008 by Alcapone

[Cheekg98]

it's quite one sided to just look at returns ... a company has to have a balanced view of shareholders, employees, as well as profitability + social responsibility ...

 

many articles lately that dbs full year results to 3Q has not really that bad .... so no logic to retrench so early

Edited November 15, 2008 by Cheekg98

[Alcapone]

they could be under pressure from the biggest shareholder, you know who......

[Cheekg98]

.... then they slap their own face liao .... sometimes wondering if this is a wayang

 

i think the person at dbs who made this wrong call shd be held accountable

Edited November 15, 2008 by Cheekg98

[B777jubilee]

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,

 

Dunno but heard from my friend who is from the industry. He told me that not only the company funds are worst in the market (literally last in the heap for many funds) but the company has been losing lots of Assets Under Management. But the funny part is, after all the retrenchment, the ones whom she recruited are still there. From no. 1 to last and she can still keep her job?????

[Law_ong]

their pte banking customers also wouldnt want to put their $$$ with such banks that do not value relationships

 

good good...put in my ah ong bank and bank limited..

[Kelpie]

Dunno but heard from my friend who is from the industry. He told me that not only the company funds are worst in the market (literally last in the heap for many funds) but the company has been losing lots of Assets Under Management. But the funny part is, after all the retrenchment, the ones whom she recruited are still there. From no. 1 to last and she can still keep her job?????

 

So in your opinion she is not here to stay lor . Anyway, reputation and trust take a long time to build, I think the group sorta screw it. What a waste, it makes me think more highly of UOB liao.

 

Regards,

[Picanto]

their pte banking customers also wouldnt want to put their $$$ with such banks that do not value relationships

 

relationships??? look at the way they treat their employees and retail investors and we know the answer.

[Latka]

i'm sure the bank knows retrenchment is a painful exercise. when the bank does not produce the expected results for the shareholders, they have to make a quick decision on what strategy to adopt; they have also to decide how best to produce a better result going forward; surely cutting cost is one of the factor; which business line to focus, which to drop; and then laying off excess staff. otherwise, their share value will starting falling. sori, i'm no ceo but i think it's logic.

 

I honestly think that DBS is retaliating against gahmen since gahmen insist they must make good for the Lehman Bond issue. That is why they did not talk to union b4 chopping.

 

 

Home Remedies For Better Health

[Xefera]

does anyone feel that this may be a coverup for their supposedly sub-prime losses which they may be trying to keep hush-hush?