DBS cutting staff...

[DarkLord]

Went for a wedding dinner last night, crowd consists mainly of bankers and bank officers. Seems like culling has began quietly in quite a few banks liaoz.. Slowly but surely people are being laid off.

[Cheekg98]

i think biz times ...

 

Here's another article from there :

 

Published November 12, 2008

 

LETTER TO THE EDITOR

Be creative, DBS, to avoid layoffs

 

IT is hugely disappointing to hear of DBS Bank cutting 900 jobs.

 

This is a short-sighted and knee-jerk reaction. DBS is here for the long haul and has the financial strength to provide retraining to staff or can re-assign them to other operational areas. Being a bank with a long history in Singapore, and having the branding franchise of POSB, it is disappointing to see DBS responding in such a fashion with little consideration for the employees.

Other possible measures that could have been considered include:

 

Salary freeze, and no bonus for the year

 

Salary cuts across the board, especially higher management levels. Even for mid or junior levels, most can survive with a 10 per cent or 20 per cent pay cut rather than lose their jobs. Simple calculations will demonstrate how much salary cut is needed to retain the 900 staff. Certainly, room can be made for those who may choose voluntary or early retirement etc.

 

Long-term no-pay leave

 

Long leave of say 6-9 months with 20 per cent salary - for those wishing to pursue full time courses, or travel - with commitment to re-employ them on a 'best effort basis' only.

 

There can be many other configurations with more creative thinking.

I am not suggesting that we become totally socialistic and distribute wealth without regard for the need to hire and motivate the well-qualified and talented. Talented individuals who contribute to the bank must continue to be rewarded and retained. It is, however, important at this time to consider other factors that are pertinent to the long-term reputation and staff morale of the bank. DBS is not losing money in the third quarter, it is making less money. The CEO must certainly realise that there are good and bad years, there are economic cycles that will affect the performance of the bank. Cutting staff is the easy way out, it doesn't take a highly paid CEO to come up with such solutions. Instead, we expect more creative thinking from the CEO.

One must also look at the example DBS is setting to other local banks. The message to the business community is that 'it is okay to fire the minute things turn bad, regardless of other considerations such as long-term business prospects, reputation or loyalty'.

Ho Chee Loon

[B777jubilee]

heard from friends DBS has started the chopping today........

[Speddevil]

That's according to employment law

[Speddevil]

agreed totally. education sector is immune from recession. In times of recession, pple go study hard hard future black black. Once economy pick up, future will be bright bright

[Speddevil]

Ang Mo

[Speddevil]

recession haven't start, NTUC had already issue statement for employer to cut wages Terrible! They always pro-employer..

[Sabian]

Stoopid Chowtar Bank also doing culling hor...now come up with "streamlining" ratio of :1 mgr - 15 subordinate

 

even supposed veteran also kena.

[Darth_mel]

If you read our labour laws carefully, they are indeed biased towards the employer's favour.

 

Most are strongly encouraged but not strictly enforced....

[Metalslug]

noticed ex-company angmo also did that before ...

 

 

today saw straits times ... DBS chairman desperately came out to explain the rationale behind the cut, and the recent mis-selling saga. I guess damage has been done to DBS brand ... no explanation can salvage the situation

 

actually they are not doing their image any favours... the minibond saga, now this R thingy

[Xtrider82]

heard from friends DBS has started the chopping today........

 

Yes, they already have:

 

http://www.straitstimes.com/Breaking%2BNew...ory_301888.html

Edited November 13, 2008 by Xtrider82

[Alcapone]

if never lose $$$ on abc, can start another business enterprise here and employ these dbs staff.

[Christan]

DBS shot themselves in the leg with their handling of the minibonds issue , now they are shooting the other leg with with retrenchment news . Just becuase their profit has fallen they need to take this step.

 

I get the impression that most Singapore corporations the profits year to year can only go up, not down. If down must do something. Like this year profit must be greater than previous year

[Tohdj]

i remember some time back...UOB and OCBC were criticised for being too conservative in expanding overseas and offering new financial instruments to the consumers here....

 

guess they are having the last laughs now.

[Hishercar]

it is only part of the problem

 

the real problem is DBS is GIC bank

 

with all the those loss dbs have to find $$$$

[Cheekg98]

poor management from dbs ....

[Sabian]

i dunno abt ocbc but i have checked with uob sales folks why they carry so few structured products.

 

apparently, uncle w. also found such products complicated and discouraged carrying too many of such stuff.

 

only have a little to make the product mfg peddlers happy and customers who kpkb why other bank have but uob dun carry.

 

risk is the watchword, owe it to shareholders, deposit customers, borrowing customers to take sure steps. fxxk it up and a lot of stakeholders (not just shareholders) suffer.

 

just look at the "best practices" western banks. uncle wee see liao also rofl.some more when doing M&A must ask them to be advising bank??? they burned down their own house after believing too much in their own hype...

 

after gg thru 3 ang mo trained ceo, still like to suck white kkj, hire this one who obviously has a pin up poster of jack welch on his ceiling, only know how use GPMG, first spray wipe out 900.

 

waiting for part 2, maybe next time will be private screening, after so much flak.

[Cheekg98]

uncle wee is the best regional banker in this era ... UOB is one of the best managed bank around asia

Edited November 13, 2008 by Cheekg98