11/13/2015

When the axe falls in the banking industry

Stanchart, Deutche, HSBC and who else will be next to start downsizing in the banking industry facing hard times when the fictitious fraudulent products and practices are driving the banks to their knees? How many bankers and supporting staff in the industry will face the axe?

There is this belief that Singapore or Singaporeans will be well protected when there is an economic crisis and when businesses start to retrench and downsize.  The big foreign workforce in the city state would be the buffer that would be the first to be trimmed and thereby protecting Singaporeans from losing their jobs. The losing of jobs by Singaporeans is a nightmarish experience when everyone is heavily in debt, big housing mortgages up to their necks. Losing their jobs mean losing their income and ability to service the mortgages and thus their expensive homes.

The retrenchment exercise by the few banks affected should give an idea on how well the Singaporeans will be protected from such trimming exercises. The fact that there is no data to show how many Singaporeans are affected versus the foreigners in these banks is telling. When they can’t tell, refuses to tell, afraid to tell, it says something is not right or not pleasant for the Singaporeans. Why are the banks not willing to be transparent in their retrenchment policies? Are they retrenching the Singaporeans or are they retrenching the foreigners? If they are retrenching the Singaporeans more than the foreigners, would the govt have a say or would the govt want to have a say in this?

What would happen if the organizations retrenching staff are local companies or govt linked companies that employed a lot of foreigners? Would they be thinking of saving the jobs of Singaporeans or would they, like the many monkeys be saying, it will be based on meritocracy regardless of nationalities? So if the foreigners are more ‘meritocratic’, not sure what that word means, then it is ok to dismiss the Singaporeans first?

So far there is an uncomfortable silence in the air? The govt, MOM and the NTUC have not said anything about how the retrenchment of employees should be conducted, that the jobs of Singaporeans should be protected first. Would this be the case or would they come out in defence of meritocracy even in GLCs regardless of nationalities?

What do you think?  Is there a govt policy on this grave issue?

I pray that not many Singaporeans would be affected by such retrenchment as it would mean hardship for the families. Without an income in this most expensive city state in the world, my god, losing a job is not a simple matter when finding one can take several months or years unlike the lucky and ‘talented’ foreigners who could simply take a vacation here and ended up with a job in no time. For Singaporeans, getting a job, or even getting an interview is so difficult.

I hope everyone can join me to pray that Singaporeans would not lose their jobs first when the axe falls.

21 comments:

Anonymous said...

Aliens working here are legally protected by a proper employment contract.
Their rights are protected by that contract.

Singaporeans are protected by NTUC and the PAP government with the powder of a 70% strong mandate.

So who will more likely to be retrenched first?
What do you think?

Anonymous said...


Look! LOOK! Look!

Our economy seems to be still strong and ok leh.

Fear not and worry not.

There are lots of rich people in this very crowded tiny city state.

Look at the motor shows, flooded by buyers.

Look at property showrooms, flooded by buyers.

Look at HDB, launching the LARGEST numbers of BTOs this month.

Look at restaurants and food courts, looooooooooooooong Qs.

Look at supermarkets, loooooooooooooog Qs.

Everywhere you go........ Q and Q and Q.

So how......what say you?

Anyway, let's pray together, that Singaporeans would not lose their
jobs first when the axe falls.

Cheers.

Anonymous said...

"The govt, MOM and the NTUC have not said anything about how the retrenchment of employees should be conducted, that the jobs of Singaporeans should be protected first."
RB

Why should the govt, MOM and the NTUC said anything? The opposition will still not be ready to be govt and the there will also be no protests even if more Singaporeans lost their jobs, tio bo?

And if the opposition is not ready to be govt, WP Teochew Ah Hia had already said majority voters are very scared to accidentally vote the PAP out mah, and which was precisely what had happened on 11 Sep 2015. Hence whether you are PAP or not, better listen to what Ah Hia said.

Anonymous said...

Whether the Oppies are ready to be the government or not, Sinkies are not interested lah.
Sinkies know well that PAP has taken good care of them all these years.
Read the above comment that says car show, property and restaurant are packed.
Need to be told or reminded meh ? You cannot see meh ? Maybe You are part of them most of the time.
Just do not understand why the few must kpkb about everything.

Anonymous said...

Anon 9;43, you need to have a brain to understand.

Anonymous said...

Let more Indians into Britain or risk losing out, says one of the country’s top officials

SOURCE:
http://www.businessinsider.sg/indian-high-commissioner-wants-more-indian-migrants-to-come-to-the-uk-2015-11/
----------------------------------------------

India’s former foreign secretary has warned that if Britain does not relax its rules on allowing skilled workers into the country, it could be at risk of losing major investments from India.

Ahead of Indian prime minister Narendra Modi’s visit to the UK, Ranjan Mathai — who is now the country’s high commissioner to Britain — argued that Indian companies are struggling with a perceived difficulty of getting work visas in the UK.

In an interview with the BBC, he said that allowing skilled workers to come to work for Indian companies in the UK should not be considered an immigration issue. “Mobility for business is a completely separate issue and should not be linked to migration, is the view of all the Indian companies,” Mathai said.

“I think in any two countries anywhere in the world, the ease of travelling between business partners is very significant,” he added

Anonymous said...

Instead of studying Mandarin;
I think Singaporean Chinese should study an Indian language.
Problem is that there are about 1,000 different Indian languages.
So which one should we study?

Also Singaporean women should get use to the idea of marrying Indian husbands.
Singaporean men got no more hope liao.
Unless they are PAP men.

Anonymous said...

When the next wave of making money comes, the banks will start hiring again. People who know how to create new scams will be in high demand with performance bonuses pegged to how successful they are at scamming.

And all the hard earned money of the masses, the rewards of their sweat and toil and sometime blood, will again flow into the hands of the big bankers. The Govt will just sit on the sidelines until something go horribly amiss and then they will step in, talk cock after the event, impose heavy fines on the culprits, who have all the money to pay the fines and everybody lives happily ever after until the next session.

Anonymous said...

When it comes to hiring, hire the most "meritocratic" person.

When it comes to retrenching, retrench the foreigner.

Those who think in this manner are just hoping to have their cake and eat it. Dream on.

In reality, it's a head-they-win, tail-we-lose situation facing us. Get real!

Anonymous said...

It is the brain, eyes and ears that proved that the kpkbs here were and are noises and empty talks.
Luckily there are 70% that remain sensible and wise.

PAP will lead Singapore to greater glory. Sin is a chilli padi simply bcos of PAP.

Even China and Other Nations learn and copy Sin.

What more do You need or want ?

Anonymous said...

Khongcum

Anonymous said...

Right. And we do not need more Khongcums making noises and licking the PAP marbles.

Anonymous said...

Thought there was a minister who say he be worried if there is no retrenchment?

Anonymous said...

Khongcums leading the khongcums. They like it.

Anonymous said...

That one the biggest khongcum.

The S said...

Actually central banks to blame. They put in such small interest rate that banks have to risk to maintain expectations of shareholders. Savers get screwed and turn to debt. The toxic generated by low interest rate is worst than low economic growth. If bankers are evil, central bankers are worse.

Veritas said...

Shylock industries get shit is good for everyone else in Singapore. Basically we practice a zero sum game whereby the high income earner automatically shit on lower incomer by bidding up properties.

When property price get high PAP and all mofos will come and tell peasants they deserve to be thrown out of streets because they are lazy and stupid.

When shylock get shit, property price will fall. Everyone will benefit.

Anonymous said...

Hi Redbean, Speed here. I do sincerely hope and pray that few Singaporeans will be affected by any retrenchment. Singapore is such an expensive country and I am sure if retrenched, Singaporeans would find it very difficult to survive, unless one is lucky enough to land a new job early. I live part of the year in the UK and I know that the cost of living in Singapore is as expensive, if not higher than that of UK. Hope any downturn in world economy will give Singapore a miss.

Anonymous said...

Haha......

It seems that one brain is
pitting against one mind.
One sees gloom and doom.
Another sees affluence and
boom.

PM Lee Hsien Loong just
told Sinkies that with the Coming
Renewal of Leadership in
Sin, Stinkies can expect
even better living. He knows
PAP can deliver and Sinkies trust and have faith in him.
At least near 70% are wise to
have made the Right Decision to entrust and invest their future with PAP.

Anonymous said...

A drunkard would never say he is drunk.
A clown will never know he is a clown.
An idiot king will not know he is naked.

Anonymous said...

How did LKY renew his leadership?
Did he promote himself first to be Senior Minister?
After that, Mentor Minister?

Do you think it is strange?
When LKY renewed his leadership, was he the only one of his PAP generation who continued to serve in parliament?

How will LHL renew his leadership?
Is he going to retire or is he going to promote himself to be Senior Minister?