Not reported: banking jobs being relocated out of S’pore systematically

[BuiKia]

I think StanChart is also doing the same soon.

Not reported: banking jobs being relocated out of S’pore systematically

Credit Suisse is relocating dozens of back-office jobs from Singapore to India and Poland as part of efforts to cut costs, the FT reported on Monday. It also reported that Morgan Stanley last month completed shifting about 80 back-office jobs to India and Hungary, from Singapore.

And that other banks were planning to move back office jobs to “cheaper” countries.

Our constructive, nation-building media were very quick to report a survey that UK investment bankers wanted to come here, but while Today and BT (online) reported bits of above, ST never did. And BT (the paper) does not seem to have reported it.

AND they all don’t publish the bit about Morgan Stanley and the other banks. Remember you read it here.

 

[saratogas]

Infact Stanchart is doing well in this region... Their secret for the success? Recruit more Ah nehs to run the stalls...

 

[ruffles]

back office jobs go out..

front office jobs come in

 

[Blazars]

Siao liao. I got a nephew. He just admitted into the SP banking n finance diploma course. Ask him why he choose this course, he just said he like to work in a bank. Bad news for him man!

 

[Leongsam]

Imagine what would happen if the minimum wage was introduced in sinkieland.

 

[chupacabra]

Good, its time white collar workers face the music and be deem expensive and useless.

 

[Raiders]

Siao liao. I got a nephew. He just admitted into the SP banking n finance diploma course. Ask him why he choose this course, he just said he like to work in a bank. Bad news for him man!

Those post 1980s people are all being brainwashed. To them, working in a bank means high class. I rather be a 20k a month hawker than to be a 5k a month bank employee.

 

[Kinana]

This has been happening for the pass 15 years bro one way or another.
No problem.

 

[BuiKia]

If all fails, maybe he can try sperm bank then.

Siao liao. I got a nephew. He just admitted into the SP banking n finance diploma course. Ask him why he choose this course, he just said he like to work in a bank. Bad news for him man!

 

[wMulew]

Only the idiotic opposition supporters are clueless about effects the globalization. This is some hard truth happening in real time. The govt is doing their best to stop or slowdown such actions by MNC using every means possible including FTs if need be.

 

[krafty]

look at euro crisis, probably going to take at least 1 to 2 decade to recover. america also the same. so those going into foreign banks is not a good idea. on the other hand, asian banks are doing better cos' money are flowing into asia, and s'pore being the financial hub, it's wiser to join local banks than foreign ones, i think...

please feel free to share your opinions.

 

[greedy and cunning]

Imagine what would happen if the minimum wage was introduced in sinkieland.

first ask the question why do companies relocate to other countries that have cheap labour.

are these companies losing money ? consecutively ?

the profit of many private companies fluctuate yearly , some year they lost money.
do they relocate to other countries ?

it is pure greed that company move to other country.
the pure greedy of the board and coe .
the only kpi for these scums : increase profit next year.

so now they can move to india , where would they move to if india become as expensive
in 5 years , 10 years ? africa or borneo ?

what's wrong if profit is less that last year ?

it is not the issue of minimum wage , rather it is the insatiable greedy of those scums.

 

[Huat-Ah]

Imagine what would happen if the minimum wage was introduced in sinkieland.

Nothing serious would have happen

 

[Leongsam]

so now they can move to india , where would they move to if india become as expensive
in 5 years , 10 years ? africa or borneo ?

what's wrong if profit is less that last year ?

Of course they would you twit. Businesses have an obligation to shareholders to keep overheads as low as possible in order to maximise returns. Shareholders are far more important than employees. They own a part of the company.

 

[johnny333]

Only the idiotic opposition supporters are clueless about effects the globalization. This is some hard truth happening in real time. The govt is doing their best to stop or slowdown such actions by MNC using every means possible including FTs if need be.

So why is the PAP increasing the costs of doing bizness in Spore

What has the opposition got to do with the PAP policy of increasing $$$. They are a minority & outnumbered. Do you want the old man to wake up from his nap

 

[Leongsam]

look at euro crisis, probably going to take at least 1 to 2 decade to recover.

How did you arrive at this estimate? Please explain.

 

[thinkorsink]

it is supposed to be a secret so that no one will tell others.

haha...nah...i heard from some angmo bankers in my taxi ride. recently, temasek issue bond of maturity period up to 30 years, what does that tell you?

http://business.asiaone.com/Business/News/Story/A1Story20120718-359868.html

How did you arrive at this estimate? Please explain.

 

[laksaboy]

That's great news. Back office jobs in banks are infested with Ah Nehs.

It's not like they were predisposed to hire locals to begin with.

You want to cut costs? Cut costs somewhere else. Bye!

 

[sleaguepunter]

Those post 1980s people are all being brainwashed. To them, working in a bank means high class. I rather be a 20k a month hawker than to be a 5k a month bank employee.

title beri impt to them, everybody a VP in bank sector. who care abt the title, it the $$ that impt.

psst: u got lobang for $20k hawker?

 

[Gallego99]

Only the idiotic opposition supporters are clueless about effects the globalization. This is some hard truth happening in real time. The govt is doing their best to stop or slowdown such actions by MNC using every means possible including FTs if need be.

Labor is one component of the total cost of doing business. Like it or not when margins are squeezed, they will move the 'non essential' part of the business elsewhere. Its not a bad thing if you look at the bigger picture, ie. we're left with the so called 'high value' FTs.