DBS drops bombshell on remisiers
Yesterday Business Times asked DBS if it was planning to close down its stockbroking arm. DBS replied that it would hold a townhall meeting with the remisiers on its restructuring plan.
Last night the DBSVickers remisiers were told that they could not continue with their stockbroking business and the bank would explore ways to redeploy them based on their qualifications and experience as well as age, subject to the bank's policy on hiring older employees, market practices and MOM regulations on retirement age. Their businesses and clients will be taken over by the bank.
Many remisiers were in shock and disbelief with this bombshell coming immediately after the Chinese New Year festivities. Many have spent 20 or more years with the DBSVickers. With many remisiers quite senior in age and having been in the stockbroking business most of their lives, it is unlikely that they could find suitable jobs with the bank with comparable income. The younger remisiers are very concerned as they have young children to feed and their livelihood is likely to be adversely affected, rice bowl broken.
The remisiers are now pondering over their next move over this financial crisis in their lives. With the difficulties in finding another job, the older remisiers can forget about this option and join the statistics as retirees and not add to the list of the unemployed. The situation for the younger remisiers is just as bleak unless the bank could find them alternative employment with equivalent income.
This is looking like a fire that has just started in the industry and the fear is that other banks or broking houses could follow suit and the problem could spiral into something beyond recognition. The coming GE could have another hot issue to blow hot and cold about.
Hard times are here for the stockbroking industry, the remisiers and supporting staff. How would this add to the pool of the unemployed PMETs in Singapore?
Wonder what is the position of MAS and the govt with this announcement?
Yesterday Business Times asked DBS if it was planning to close down its stockbroking arm. DBS replied that it would hold a townhall meeting with the remisiers on its restructuring plan.
Last night the DBSVickers remisiers were told that they could not continue with their stockbroking business and the bank would explore ways to redeploy them based on their qualifications and experience as well as age, subject to the bank's policy on hiring older employees, market practices and MOM regulations on retirement age. Their businesses and clients will be taken over by the bank.
Many remisiers were in shock and disbelief with this bombshell coming immediately after the Chinese New Year festivities. Many have spent 20 or more years with the DBSVickers. With many remisiers quite senior in age and having been in the stockbroking business most of their lives, it is unlikely that they could find suitable jobs with the bank with comparable income. The younger remisiers are very concerned as they have young children to feed and their livelihood is likely to be adversely affected, rice bowl broken.
The remisiers are now pondering over their next move over this financial crisis in their lives. With the difficulties in finding another job, the older remisiers can forget about this option and join the statistics as retirees and not add to the list of the unemployed. The situation for the younger remisiers is just as bleak unless the bank could find them alternative employment with equivalent income.
This is looking like a fire that has just started in the industry and the fear is that other banks or broking houses could follow suit and the problem could spiral into something beyond recognition. The coming GE could have another hot issue to blow hot and cold about.
Hard times are here for the stockbroking industry, the remisiers and supporting staff. How would this add to the pool of the unemployed PMETs in Singapore?
Wonder what is the position of MAS and the govt with this announcement?
