DBS cutting staff...

[Xtrider82]

Ang Moh are Big Kahunas in many people's eyes mah..

 

I've seen many asians still having inferiority complex when dealing with them, some even worse, become a "Yes-Man" to them, and try to speak with an accent. Makes me want to puke.

 

Truth to be told, I've worked with many ang mohs, there are very good and hardworking ones, but there are also many bad ones who are in high positions but know next to nothing about what they do.

[Cheekg98]

sounds bad ...

 

DBS starts to axe staff By Robin Chan and Francis Chan Last Friday, DBS said it will cut 900 jobs, mostly in its Singapore and Hong Kong units. -- PHOTO: REUTERS IT WAS a day of tears, tension and disappointment at DBS Bank on Thursday as the first of hundreds of employees were told that they had been laid off.

It is unclear how many staff lost their jobs on Thursday but a DBS spokesperson said most of those earmarked to go will be told by Friday night.

The start of the layoffs did bring a degree of relief to the 7,600 bank staff here who have been nervously waiting to see where and when the axe would fall.

 

A woman in the corporate banking department told The Straits Times outside the bank's Shenton Way base: 'No one could focus today. It's like our September 11 - the atmosphere was so tense.

 

'No one, not even MDs (managing directors) knew who would be the next to go. Everyone was just waiting for the phone call. I'm just glad this day is almost over. But we have one more day to get through.'

 

Experienced managing directors were some of the first to be told they were no longer needed.

 

One aged 55 told The Straits Times: 'I've given more than two decades of service to the bank. Of course I'm disappointed with the organisation.'

After arriving at his office as usual, he was summoned to human resources by telephone yesterday morning and let go immediately.

At around 4pm in the afternoon, as he walked down to his car, which was loaded with boxes of personal effects, he shook hands with colleagues he had worked with for many years. Others patted him on his back.

'I feel like this could have been done in a different way,' he said.

[Chongster]

temasek seems really enamoured with the investment banking type. so many have joined them. i think that's permeating down to its companies.

[Cheekg98]

even Global bank like RBS is cutting less than DBS in terms of percentage of workforce ...

 

RBS to cut 3,000 jobs LONDON - ROYAL Bank of Scotland (RBS) is planning to cut about 3,000 jobs worldwide in the next few weeks, the BBC reported on Friday.

The British broadcaster said the jobs would go in the bank's global banking and markets workforce, which is spread over 50 countries. Its high street operations would likely be unaffected

.

RBS has been hard hit by the global credit crisis, and is one of three high-street banks that had to be bailed out by the government last month.

A spokesman for RBS declined to comment in detail on the news, but said: 'We constantly review our operating model to make sure that it is appropriate to the market condition, and take action accordingly.'

 

RBS has about 170,000 staff worldwide, of which about 100,000 are in Britain. -- AFP

[Ronnchee]

Read the newspaper today about DBS laying off, even Managing Directors are not spared.

 

Without MD, can the department still function ?

 

Or they are going to promote from within with lesser $$ package ?

 

Or the Lee Clam going to fill up all the MDs ??

[B777jubilee]

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.

[Dafansu]

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

[Sabian]

Ang Moh are Big Kahunas in many people's eyes mah..

 

I've seen many asians still having inferiority complex when dealing with them, some even worse, become a "Yes-Man" to them, and try to speak with an accent. Makes me want to puke.

 

Truth to be told, I've worked with many ang mohs, there are very good and hardworking ones, but there are also many bad ones who are in high positions but know next to nothing about what they do.

 

I will admit some are really good but a whole lot are just dua kang and big talk. Drill down a little and you will see either a lost look or "that is beneath my pay grade" look.

[Ronnchee]

Wow lau, got rank and appt, work like SAF.

 

Very soon, DBS is unlisted, and become family-related bank

 

Our gahment said retrenchment as the last resort. But as a gahment related bank, they are the first to retrench, wtf.

 

Really Damn Bloody Stupid (DBS)

[Ronnchee]

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

[Sabian]

like little kid so in awe of WWE wrestlers who can take hit after hit after hit...look what happen to the WWE on Wall St after they start eating their own hype.

 

Major LS.

[Ronnchee]

Ang Moh are Big Kahunas in many people's eyes mah..

 

I've seen many asians still having inferiority complex when dealing with them, some even worse, become a "Yes-Man" to them, and try to speak with an accent. Makes me want to puke.

 

Truth to be told, I've worked with many ang mohs, there are very good and hardworking ones, but there are also many bad ones who are in high positions but know next to nothing about what they do.

 

I worked with many Ang Mohs, fron Americans to Europeans.

 

Americans are bossy, big Hole, cant really work.

 

Europeans are better, more down to earth.

 

Just my opinion.

[Metalslug]

actually it depends but sometimes i think its worth lor to be retrenched. its a big lump of $

[Fcw75]

Director directs.

Manager manages.

Executive executes.

Officer officiates.

Assistant assists.

[Route88]

Heard the news,DBS kena hantam by Union not negotiating first,take retrenchment as last step.

 

900 staff laid off

[Alcapone]

Wow lau, got rank and appt, work like SAF.

 

Very soon, DBS is unlisted, and become family-related bank

 

Our gahment said retrenchment as the last resort. But as a gahment related bank, they are the first to retrench, wtf.

 

Really Damn Bloody Stupid (DBS)

 

famiLEE owned

[Cheekg98]

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

[Cheekg98]

maybe they not happy DBS didnt discuss with them before retrenching ... and dbs chairman said in papers they have already considered other measures before retreching .... now dbs chairman kena slapped by himself, contradicted by ntuc ....

 

time to ask every family members to take $$$ out from dbs accounts ....