THE END IS NEAR: DBS CEO said that this recession will be the worst since 1965

[Chase]

In Singapore, where DBS is based, the government has projected an economic contraction of between 4% and 7% this year — which would be the country’s worst downturn since its independence in 1965.

Banks could experience “far more damage” to their balance sheets when stimulus measures that are keeping many businesses afloat are rolled back, said Piyush Gupta, group CEO of Singaporean lender DBS. He explained that governments cannot keep supporting the business community financially, so “you’ll start seeing a lot more default, which in turn means that you’ll start seeing the problems spill over to the financial sector.”

https://www.cnbc.com/2020/07/20/dbs...allenge-is-looming-in-the-global-economy.html

 

[Leongsam]

Don't worry the PAP has always risen to the occasion and they will continue to do so again and again.

 

[Chase]

Don't worry the PAP has always risen to the occasion and they will continue to do so again and again.

Why didn't PAP tell about directly about such dismay outlook during the elections?
@JohnTan got RC lobangs, we don't.

 

[zhihau]

Don't worry the PAP has always risen to the occasion and they will continue to do so again and again.

Not forgetting to mention DBS gained entry into India, is that right?

 

[Loofydralb]

Don't worry the PAP has always risen to the occasion and they will continue to do so again and again.

So does the rest of the world. So don't attribute it to PAP. A rising tide raises all boats.

 

[laksaboy]

Any 'haircuts' for DBS/POSB savings accounts like what happened in Cyprus a few years ago?

 

[zeddy]

Don't worry the PAP has always risen to the occasion and they will continue to do so again and again.

Not with these bunch of 4G Leeders.

 

[zhihau]

Any 'haircuts' for DBS/POSB savings accounts like what happened in Cyprus a few years ago?

Sounds interesting, what happened?

 

[birdie69]

In Singapore, where DBS is based, the government has projected an economic contraction of between 4% and 7% this year — which would be the country’s worst downturn since its independence in 1965.

Banks could experience “far more damage” to their balance sheets when stimulus measures that are keeping many businesses afloat are rolled back, said Piyush Gupta, group CEO of Singaporean lender DBS. He explained that governments cannot keep supporting the business community financially, so “you’ll start seeing a lot more default, which in turn means that you’ll start seeing the problems spill over to the financial sector.”

https://www.cnbc.com/2020/07/20/dbs...allenge-is-looming-in-the-global-economy.html

not to worry, your yearly remuneration will be like SIA, not affected. Moreover, our country reserve will be used to bail DBS out to preserve the name.

 

[A Singaporean]

This fucking Ah Neh is preparing Sinkies that the collapse of DBS is not his fault. But when the business was good he got all the credits and bonus. Another fucking CECA.

 

[bushtucker]

willitbeworse thanthe2008globalfinancial crisis?

 

[blackmondy]

Ay Ah Neh, can tell us something we don't know ? Like how many kinds of curry powder are there in India ?

 

[nayr69sg]

Preparing the ground for stopping all those financial assistance plans.

 

[syed putra]

You need to reduce the utility rates and property taxes At least by 20% minimum to synch with the economy.

 

[ftan42]

Temasek annualise profit of 7%, no orblem