DBS cutting staff...

[Husky]

Iron rice bowl only if u play by the MANY rules and regulations.

[Earthforge]

The move is likely because the bank expects that in the short term, the economic situation will worsen and there wont be as much as business. This is the reason why the job cuts are across the board, and not just front office.

[Cheekg98]

more bad news from the economy too this time shd hit all sectors ...

[Mcfguy]

next, maybe SIA will follow suit...

[Albeniz]

join education sector.... very very super safe.... best is govt education sector.... its like an iron rice bowl

 

I believe many who are retrenched would apply for a post in teaching, especially those with the relevant qualifications.

[Blackyv]

my company "R" package--> one week/year.......

[Albeniz]

my company "R" package--> one week/year....... Shakehead

 

I heard from an ex-worker in my previous semi-con company.

 

Retrenchment package is 1 month for every 5 years.

[Jamesgetz]

gahmen sector not as safe as last time... maybe the ministries but not the statutory boards, esp those which are being corporatised or undergoing re-org. nowadays, the ministries are putting pressures on their stat boards to minimise/reduce their staff strength...

 

teaching sector is definitely very safe but cannot be too complacent/gangster becos if student complain you, the sch can fire you too... same thing for SAF too. a lot of pp think SAF is iron rice bowl but not any more. pp have been asked to leave becos of screw ups unless last time...

[Surferguy1978]

SIA CEO just say on the news not to the extend of retrenchment yet.

[Cheekg98]

read from wanbao dbs staff blaming lehman bros for the retrenchmt ... this weekend must be bad for them cos' the list is not out yet, and many are left guessing abt their fate

[Ep80_dekit]

hopefully those affected were savvy enough to save their huge bonuses for these difficult times. more announcements certainly to come.

[Chrispie]

banks jialut now also lah.. went to a few banks to run errands and you see many of the Relation Manager swapping flies. No one dare to buy any pdt from these retail banks anymore. Now economy is bad, I think the amt of loan applications should fall, plus banks are moving up the bar for loan approval, their profit should drop... vicious cycle.

 

I guess more handshakes to come...

 

I pity those bankers that had bought new houses and new cars 1-2 years ago due to the bull mkt.. now sweat liao..

[Chongster]

basically by doing that, DBS just make sure that just about everyone working in a bank (not just DBS) will not be buying any new house or new luxury car in the next 6 months, which will in turn boomberang to hit their (and all banks') loan business.

 

instant karma anyone?

[Vroomtattat]

join education sector.... very very super safe.... best is govt education sector.... its like an iron rice bowl

 

I believe many who are retrenched would apply for a post in teaching, especially those with the relevant qualifications.

 

Healthcare should be good but got to train first.

[Pentium]

Managed by Ang Moh boss is like that one lah. In fact any selfish CEO will do the same, try to cut company's cost so that his job and salary is intact.

[Chrispie]

and the reason for the retrenchment is coz PROFIT dropped. NOT even talking about any LOSS.

 

They are good.

[Throttle2]

got nothing to do with ang mo or not.

in the big corporate world. thats how it goes.

 

but the stupidest thing is, even a table wiper could see this blow-up coming, why cant the top guys who are meant to have vision avoid it?

 

growing in good times is nothing to shout about.

growing when everyone is half dead, now that's something.

[Cheekg98]

actually shd cut the angmo CEO and the top mgt pay first .... 1% pay cut will save a few hundred headcnts ?

Edited November 9, 2008 by Cheekg98