1/14/2009

Citi and Morgan Stanley merging brokerages

The two giants are merging their operations in the face of the financial meltdown. The brokerages and their staff will have to shrink in a shrinking business. How would this affect the local brokerages? Will our brokerages shrink as well given the shrinking business in stock trading? Stockbroking, buying and selling of properties, insurances are the last few professions that allow people who can't find employments or do not want to be employees to be self employed. Of course there is taxi driving but this is a very difficult trade with the recession hitting the economy. When these three professions start to retrench, more will be out looking for jobs. The last frontier is to start your own business as entrepreneurs, provided you have a few hundred thousands of spare cash to play with. It is no longer possible to sell kueh and goreng pisangs along the corridors. It is against the law. But one can take the risk of selling pirated VCDs if one does not mind being handcuffed when caught. The loanshark business is still thriving and they need more midnight graffiti painters. Maybe the casinos can provide more jobs for those who are not bound by their religious and moral righteousness. For a start, Boon Wan has offered several thousand jobs in the medical industry. Just go for retraining.

8 comments:

Speedwing said...

Good morning Redbean. I think re-training to work in the health sector is a marvellous thing. Good idea for those who are young enough to be re-trained and have a new career path. However, for the older retrenched worker, I am wondering what kind of work is available for them in the health sector. Can these people be re-trained to do maybe admin work, janitors, security???

redbean said...

hi speed,

yes, the oldies will have much less choice as to what they can do. even a desk bound job will have to adapt to their ageing faculties and movements.

it is good that for those who want to work or have to work have an avenue to go to, if they are not choosy.

Anonymous said...

either the oldies take care of the kiddies at home or be taken care off by their kids.
unfortunately, some of us end up alone and pretty lonely.
am just waiting for my final day.

Anonymous said...

Don't bet too much on the casinos providing more jobs. That is just speculation. At best, the jobs for locals are as chambermaids, waiters, cleaners and security guards. The cream of the jobs won't go to locals.

Speedwing said...

I do not see why the cream jobs cannot go to the locals. The locals should be the first choice. Afterall it is a Singapore IR, so Singaporeans should get the better and higher paid jobs.

Speedwing said...
This comment has been removed by the author.
Anonymous said...

Many who lost their jobs and those that are going to lose their jobs through retrenchments are likely to require some medical helps.

But

are those going into the health sector trainnings able to help?

I think those who go trainnings at the healthcare courses will join those going to IMH for treatments in no time.

patriot

Anonymous said...

Btw,

the merging of the brokerage between Citi and Morgan Stanley will have little to do with most Singaporans who are most probably going broke financially in no time.

patriot