11/06/2015

Stanchart cutting 15,000 jobs worldwide

Gloom in Stanchart Singapore as the axe is falling in this bank. How many would be axed as a result is still unannounced but fear is across the banking floor.

What is the union going to say? What is MOM going to do? Would this be seen as a good opportunity to save some Singaporean jobs or would Singaporeans to be the first to be axed?

Meritocracy man! Only the meritorious would be retained regardless of nationalities! It would not be Singaporeans be the last to go. Will this be the policy of Stanchart when it starts to wield the axe? Would it end up more Singaporeans be axed and more foreigners be retained?

What do you think?

23 comments:

Anonymous said...


Do Not Disappoint Them! Do The Right Thing!

This is a golden opportunity for YOU to show that YOU
really love and care for YOUR people, Singaporeans!

Yes! Don't forget! The 70%! The 70%!

Yes! Please do not disappoint them!

Yes! Please do the RIGHT thing!

Cheers.

Anonymous said...

How many jobs have Singaporeans lost with PAP's pro Alien Policies?

Anonymous said...

The Banks do not exist to provide jobs.

They exist to have you as their customers.

Poor business, they axe staff
or close shops.


Anonymous said...

Hahahahahahaha.

Long before the 15,000 job cuts were announced, I already heard, and heard only lah, that the bank has a lot of staff of a certain skin color.

So if indeed what I heard is true, then I think probably there will not be much Sinkies left to be affected by the job cuts, but maybe it will affect those of their own kind.

ℳatilah_$ingapura said...

Please lah, if you want to find something to "blame", blame software.

Most services offered by banks and financial services institutions have, can be and are being done by "smart" algorithms and software/ netware packages.

Twenty or so years ago, a talented friend of mine (Singapore lad just graduated from IT course) wrote software for Aussie banks which when implemented displaced 22,000 bank workers nation wide.

Check out: The Rise Of The Robots by Martin Ford.

Up to our present day, the "belief" in the solution for unemployment was "additional training" and that machines actually aided humans to perform "value adding" enterprises. i.e. the humans had the skilled-imbued brains, which "intelligently" controlled machines as tools.

However now, increasing amounts of what used to be human-only COGNITIVE TASKS are being performed by the new "smart" algorithms, rendering what used to be "safe" jobs now open to change by having them performed more and more by MACHINES.

Stan Chart shedding 15,000 jobs globally is actually nothing.

Even JOURNALISTS are being replaced as Here is an "experiment" of a "race" between a very quick human reporter and a program called WordSmith. Guess what? The machine won!

Got retirement plans?

Anonymous said...


I have a deposit of S$100,000.00 with them. How?

Anonymous said...

" The Banks do not exist to provide jobs.
They exist to have you as their customers.
Poor business, they axe staff
or close shops. "
November 06, 2015 9:41 a.m.


Singapore does not exist to serve StanChart.
If StanChart don't hire Singaporeans, we ask StanChart to leave.
Reduce the competition to our more pro Singaporean banks.

Anonymous said...

@ November 06, 2015 9:41 a.m.
and
@ November 06, 2015 10:22 a.m.

Is it obvious that PAP Millionaires do not have brains or balls to negotiate with StanChart?
Can only bully Singaporeans?
Don't dare to bully StanChart?

Veritas said...

HO Ching and LHL once again spread their legs to Ah Neh, after bailing their scam trading house Olam.

Singapore Temasek is the biggest shareholder of Standchart.

Does Ho Ching let Indians fuck before? I really wonder.

Since SG is the biggest shareholder of Stan chart and Olam, why not kick of all the snakes and replace it with meritocracy.

Our UOB and OCBC are the world's most stable bank and its time to parachut some Chinese banker there.

How long must Singaporeans work, and load the God damn FT Indians con artist?

Chua Chin Leng aka redbean said...

Please, no racism and no personal attacks.
Just think Singaporeans, Singapore for Singaporeans.
Singaporeans first.

jjgg said...

So which fucked up investment will temasick sick do next?

Anonymous said...

Boycott all pro Alien Banks in Singapore.

The S said...

Not only SC, but also german and italian banks. All these banks have made big losses as more countries abandoning us and euro and embracing rmb.

Anonymous said...

SC has already retrenched about 300 staff, mostly lower-level executives earning up to $6000 per month. Anyway they are getting very good retrenchment package.

Most of their india staff are being protected to be retrenched last, to give them time to secure jobs at other banks like Citi, JPM, Bank of India, DBS, UOB.

As for Anon 9:59am who said he got $100K deposit at SC, they will use the liquid portion to fund the golden & diamond parachute handshakes of those VPs and directors that are being let go. Many directors will be getting hundreds of thousands of dollars even if kena fired for incompetence.

ℳatilah_$ingapura said...

Ha ha. Wait til Google gets involved in financial services (they have a shit load of CASH themselves)...then all the banks will be in deep shit.

Already the "disruptive tech" of crowd funding is biting into some of the banks loan business, and the growth of crowd funding is STELLAR.

Things like equities and derivatives trading, Forex (aka popular forms of gambling) can be done on smartphones now. If I were a bank, I would exit these areas ASAP.

Silicon Valley is full of new FINANCIAL sector startups, all creating more, and better disruptive technologies which are going to impact all our lives directly or otherwise.

All the "big boys" like Google have to do is buy up these new startups and voila: Google is in the banking/ finance business.

ℳatilah_$ingapura said...

P.S.

Anyone with at least 20 years of working, professional life, is at some time in the near future be adversely AND beneficially affected by DISRUPTIVE TECHNOLOGY.

One key to remember is that DISRUPTIVE TECHNOLOGY IS DEFLATIONARY which is why I like disruptive tech so much. ✤

"Deflationary" means the costs of production rapidly fall (as human labour content in production diminishes), the costs of distribution and hence selling price falls. Because labour markets are now growing, the price of human labour falls (wages fall). Also housing will tend to fall, it will get CHEAPER TO LIVE right across the board!


I love deflation, because I'm a hording stingy cunt who likes "bang for buck" good times. I do my "shopping" at deceased estates, divorce settlements, bankruptcies, repossessions etc. Where there's human misery, there's a buck or more to be made! 👍

Anonymous said...

You got money meh?

Anonymous said...

@ Talk Big Ignoramus? November 07, 2015 1:21 p.m.

//One key to remember is that DISRUPTIVE TECHNOLOGY IS DEFLATIONARY//


One "economics moron" saying technology leads to deflation?

USA is probably churning out more technological innovations than the rest of the world combined since World War Two .......

Was USA in "DEFLATION" between 1945 to 2015?

Ignoramus scared people don't know he ignoramus?

What an IGNORAMUS? And a "mati-ing" one? Before he "mati", must announce to whole world in the world wide Web that he is "SUPER IGNORAMUS" but try show off about his "knowledge" ...... ? Trying to "CON" the oldies here?

Ha ha ha. Oldies nowadays are smart like hell! So easy kena "CON" ( somewhere by a possible IMH escapee ) ?

Anonymous said...

ha ha ha ha.

ℳatilah_$ingapura said...

@ all: You gimme free I oso don wan fuck to your mothers' smelly cheebyes, or to ram my fist up all their big assholes lah. Go and "educate" yourselves, if that's at all possible.

Oh, my my, where are my manners? Thank you for taking the time and applying the useless efforts in responding to my posts.

Ref:

1. "Deflationary" technology

2. Educating Yellen about deflation (Psst: hint: it's caused by technology)

Thank you. Eat shit and die, with love ;-)

Anonymous said...

Reading a lot of books is like feeding the computers with a lot of information. Without an intelligent human mind to make sense of all the information, at best one can just quote or regurgitate the information read but none the wiser. It is just like the dumb computer, plenty of information but still a dumb computer.

It would be worst if the mind is sick. A sick mind cannot be cured.

Anonymous said...

Usually don't buy when Mdm Ho buy.
This time, breaks the rule & join her in SC.
Difference is her price is about 2 to 3 times higher than now.
Huge costs cutting is good for bottom line.
Actually firing lots of ah neh and replacing them with senior local bankers from uob or ocbc, is an excellent suggestion.
If SC does that, I buy more SC shares.
Mdm should do her investments a big favor...start firing ah neh fast & furious lah, and SC share price will reverse fast & furious.

Anonymous said...

The Ah Nehs are firing the angmohs.