Uncle Chua: Bankruptcy in the banking and IT industries

[makapaaa]

[h=2]Bankruptcy in the banking and IT industries[/h]

June 16th, 2014 |

Author: Contributions

Oh, I am not referring to the monetary aspect of these two industries. I am referring to the skill sets of the professionals particularly at the senior and top management levels. There seems to be a dearth of local talents in these two industries today. 20 years ago, we were already a major financial centre in the region and our locals were filling up the top management positions in these industries. Particularly in banking and finance, the MAS, under the leadership of Koh Beng Seng, were telling the foreign banks operating here to train the locals to assume top management positions.

Today, the top management positions are filled by foreigners and more foreigners are coming in to replace the locals caused they can’t find any locals good enough. What is happening? What were the foreign banks doing in the last twenty years? Why is this financial centre and highly IT connected city facing bankruptcy in its local human resource to fill the needs of these industries?

The situation is real bad when it has to recruit its top management staff from a third world country like India. Singapore was so advanced in banking and finance and IT relative to India. Why is Singapore becoming dependent on India for its professional manpower in these industries? Why is a first world city state losing out in developing its manpower skill sets to a third world country that is anything but a financial centre?

And the pathetic thing today is the call to train our young recruits in these industries for future leadership positions. What it means is that the current batch of middle and senior management staff are duds or inept, not good enough, not material for top management. And it would take another 20 or 30 years to groom the young things of today to prepare them for the future. In the meantime, in the next 20 or 30 years, the top financial centre and IT city will have to depend on foreigners to fill up top positions in these two industries. In total at least 50 years have been wasted with a vacuum of top management talents that would put the city state in a very precarious position. It has no talents!

Is this a joke? If this is real, then it is a very serious problem caused by bad planning and lack of foresight. It cannot be intentional. It is no laughing matter that we can take our own sweet time to talk cock and sing song.

Chua Chin Leng aka redbean

* The writer blogs at [url]http://mysingaporenews.blogspot.com[/URL]

 

[makapaaa]

<cite class="fn">Spyglass:</cite>

June
16, 2014 at 8:12 pm Spyglass(Quote)


Having been in senior management in both foreign investment banks &
domestic institutions before embarking on my entrepreneurial pursuits. I can
only say that there are many well qualified men and women in their 40′s and
early 50′s who are Singaporean both working in Singapore financial institutions
(FIs) here and overseas.

However, since 2000, there had been deliberate moves and politicking in many
such FIs where quite a number of these senior local managers were sidelined for
promotion to the top job or role running a desk, function or business line for
Singapore, SE Asia or Asia even. Some were made redundant as well. All only to
be replaced by supposedly ”better qualified” candidate parachuted in from
London, New York or Mumbai. There is a running joke that going into most of the
top investment banks now is like visiting those colonial bungalows in Singapore,
there are all ‘black and white’ only!

The final straw in the coffin came when the Monetary Authority of Singapore
(MAS) dealt an own goal by gloating over its supposed strict enforcement of its
regulatory environment by ”investigations into the supposed LIBOR, SIBOR, NDF
irregularities”. Most international banks used the opportunity to finally get
rid of the top chap to the junior chap in the dealing room, typically around
15-20 chaps required to run an Asian derivatives trading franchise in rates
& FX. Thus there will be around 300 chaps in this relatively well paid with
resonably bright prospects universe (i.e. junior trader getting about $70-150k
salary & another similar amount in bonus while the top chap makes about
$250-750k salary with multiple times of that as bonus). About 170 traders were
fired or laid off by all these banks in Singapore, which is like more than 50%
of the universe. Can you imagine a situation ever if half the Singaporean
lawyers from the junior apprentice to the senior partners were all disbarred
& denied to ever practise law again!

All the talk in the press about grooming our next generation of top bankers,
traders & financiers is simply hogwash. We already had accomplished it but
time and again been dismantled consciously or sub-consciously due to bad
policies. Singapore was already a recognised top financial centre by late 1980s
& 1990s with many luminaries & well known bankers, traders &
financiers. How is it possible that they all disappeared from 2000 onwards ….

 

[eatshitndie]

after 2000, they all went into soccer betting.....and many can be found on sbf. :p

 

[winnipegjets]

Recruiting from Mumbai? Since when did Mumbai become a global financial hub?

 

[virus]

Recruiting from Mumbai? Since when did Mumbai become a global financial hub?

replace nigerian scams?

 

[GoldenPeriod]

Very clear what has happened. Singaporeans are now taking the full brunt of retrenchments and foreigners are the ones being recruited into these roles, native born Singaporeans are now the under-class. This is all planned.

 

[frenchbriefs]

there is no such thing as a local talent,its a myth like the loch ness monster.

 

[escher]

Very clear what has happened. Singaporeans are now taking the full brunt of retrenchments and foreigners are the ones being recruited into these roles, native born Singaporeans are now the under-class. This is all planned.

Recruiting from Mumbai? Since when did Mumbai become a global financial hub?

[h=2]Bankruptcy in the banking and IT industries[/h]

June 16th, 2014 |

Author: Contributions

Oh, I am not referring to the monetary aspect of these two industries. I am referring to the skill sets of the professionals particularly at the senior and top management levels. There seems to be a dearth of local talents in these two industries today. 20 years ago, we were already a major financial centre in the region and our locals were filling up the top management positions in these industries. Particularly in banking and finance, the MAS, under the leadership of Koh Beng Seng, were telling the foreign banks operating here to train the locals to assume top management positions.

Today, the top management positions are filled by foreigners and more foreigners are coming in to replace the locals caused they can’t find any locals good enough. What is happening? What were the foreign banks doing in the last twenty years? Why is this financial centre and highly IT connected city facing bankruptcy in its local human resource to fill the needs of these industries?

The situation is real bad when it has to recruit its top management staff from a third world country like India. Singapore was so advanced in banking and finance and IT relative to India. Why is Singapore becoming dependent on India for its professional manpower in these industries? Why is a first world city state losing out in developing its manpower skill sets to a third world country that is anything but a financial centre?

And the pathetic thing today is the call to train our young recruits in these industries for future leadership positions. What it means is that the current batch of middle and senior management staff are duds or inept, not good enough, not material for top management. And it would take another 20 or 30 years to groom the young things of today to prepare them for the future. In the meantime, in the next 20 or 30 years, the top financial centre and IT city will have to depend on foreigners to fill up top positions in these two industries. In total at least 50 years have been wasted with a vacuum of top management talents that would put the city state in a very precarious position. It has no talents!

Is this a joke? If this is real, then it is a very serious problem caused by bad planning and lack of foresight. It cannot be intentional. It is no laughing matter that we can take our own sweet time to talk cock and sing song.

Chua Chin Leng aka redbean

* The writer blogs at [url]http://mysingaporenews.blogspot.com[/URL]

THIS IS THE SPURRING OF STINKAPOREANS PROMOTED BY SMEAR OF SHIT ON SOLE OF SHOE LKY
TO HELP INGRAIN THE STOCKHOLM SYNDROME BY WHICH HE AND PAP GOT STINKAPOREANS UNDER THEIR CONTROLS

OR IN OTHER WORDS, THE FUCKING AND RAPING AND BASTARDISATION OF SINGAPORE INTO THEIR STINKAPORE





Hang those PAP maggots cockroaches with piano wires from lamp posts to make them dance before it is too late and we have no more CPF to get back.
BBQ those PAP maggots cockroaches before it is too late and we have no more CPF to get back.
Cut a few more arseholes into those PAP maggots cockroaches to let out their shit before it is too late and we have no more CPF to get back.
Make those PAP maggots cockroaches eat joss sticks and candle wax before it is too late and we have no more CPF to get back.

PAP is finished.
The stinking glue and terror that hold PAP together is that old fart smear of shit on sole of shoe LKY. LKY is about to die in days or weeks.
LKY will never allow good decent people into the PAP and good decent people will not want to get into the PAP. Those in PAP are the most corrupt and moral degenerates and moral bankrupts and moral filths that are being presented to stinkaporeans as moral compasses.
None of those in PAP work for anyone but that smear of shit on sole of shoe LKY, to help him hold down Singaporeans to screw and fuck hundreds of BILLIONs from us all into smear of shit on sole of shoe LKY stinkapore sovereign funds.
They are there in PAP because LKY know that they are a bunch of self serving greedy bastards and scrapings of scums of society. To call them maggots cockroaches will be to insult real maggots and real cockroaches.


WE ALL ARE NOW WAITING FOR THE DEATH OF LKY IN COMING DAYS OR WEEKS.
WE ALL WILL YUM SENG AND YUM SENG AND YUM SENG AGAIN AND AGAIN DANCING SINGING ON TABLE TOPS AND STREETS
WE THEN WILL SEE THOSE IN PAP WITH SHARPENED KNIVES HOOTING ARSEHLOON A DOZEN NEW ARSEHOLES AND THE DEATH OF THE ENTIRE LEE KWA CLAN
WE THEN WILL PICK UP PIANO WIRES AND HANG ALL THOSE REMAINING PAP AND THEIR COLLABORATORS FROM LAMP POSTS AND SEE THOSE BASTARDS AND BITCHES DANCE.
AND HAPPINESS WILL RETURN TO OUR LAND.
AND STINKAPORE WILL BECOME SINGAPORE ONCE MORE.
https://www.torproject.org/about/overview.html.en

 

[frenchbriefs]

actually i dont unerstand why must the banking industry be full of shitskins and ang mohs?u telling me tiongs cannot be bankers?hong kies cannot be bankers?malays cannot be bankers?only banking talent comes from shitland and pommyland?

 

[da dick]

this is what happens when you kill the middle class with pappyp policies and discourage childbirth with high cost of living and depressed wages. not news. red bean is a frog in the well!

 

[rushifa666]

there is no such thing as a local talent,its a myth like the loch ness monster.

i beg to defer. you are a natural traitor sir. and you certainly deserve a golden bullet

 

[Stompiss]

Recruiting from Mumbai? Since when did Mumbai become a global financial hub?

It's already happening in Changi Business Park

 

[Qantas]

It's already happening in Changi Business Park

Er... you mean CHENNAI Business Park?

 

[laksaboy]

actually i dont unerstand why must the banking industry be full of shitskins and ang mohs?u telling me tiongs cannot be bankers?hong kies cannot be bankers?malays cannot be bankers?only banking talent comes from shitland and pommyland?

You should ask the wonderful leader who:

1) Liberalised and consolidated the banking industry.
2) Signed frivolous, assymetric FTAs with other countries.
3) Let in a horde of these foreigners.

Actually banking skills are highly transferable and suitable for a career switch. Refer to Yong Pung How: from a OCBC banker he became Chief Justice.

 

[laksaboy]

It's already happening in Changi Business Park

Marina Bay Financial Centre. Everyone should go there and take a look. Especially during lunch time at the Marina Bay Link Mall. Observe what type of people are queuing up at the Toast Box outlet there.

 

[Cerebral]

The government seems to be caught in a double bind. They are trapped in their FT policies and have to keep getting the foreigners in, meanwhile, admission of not having sufficient talent seems to point squarely at the failure of our education system.... I think they will just keep really quiet and hope ir blows over