11/03/2013

JP Morgan hiring local talents


‘The US authorities are believed to be scrutinising the hiring practices of banking giant J P Morgan Chase in India, South Korea and Singapore following a probe into its activities in China regarding hiring children of powerful officials to win lucrative business deals.

A report in the New York Time said that the federal investigation into the hiring practices of JPMorgan Chase appears to be expanding beyond China into other Asian markets.

In a filing with Securities and Exchange Commission, the bank disclosed that the federal regulator and the Justice Department were now looking into "its business relationships with certain related clients in the Asia Pacific region and its engagement of consultants in the Asia Pacific region."’ Quoted from Business Today dated 2 Nov 13.’

Why would they want to check on their Singapore office? Singapore is one of the most highly regulated cities in the world and such things would not have happened here. We are not only famous for being a city that runs by the rule of law but also on meritocracy. Everyone is appointed to where he is based on merit. Period. This is the unquestionable truth in the city state.

What is interesting in JP Morgan’s hiring practice is to hire local talents in the country of operation. When in India they hired Indians, in China they hired Chinese, in Singapore they hired Singaporeans in top management, not in the backroom or for show. JP Morgan is a big MNC and finds it proper and wise to hire local talents with local knowledge to run their local businesses. This is only practical, logical, pragmatic and showing respect to the countries and people they are doing business with and making money from.

Where on earth can you find crazys hiring foreigners to run their local operations and rejecting their locals for no talents? How in the world could foolish people think that the foreigners are better to run their businesses with local customers and domestic market, culture, taste and all the idiosyncrasies? I found one, a Yong Tau Hoo stall in Queenstown. He wants to hire foreign talents. I will post another article on this.

8 comments:

  1. redbean

    >> a probe into its activities in China regarding hiring children of powerful officials to win lucrative business deals. <

    No worries there. Singapore is clean. JPM hired Lee Kuan Yew. Why fuck around? Become instantly effective, that's good management.

    Game. Set. Match.

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  2. Good morning Matilah, I am surprised you didn't get pissed last night and am up so early in the morning.

    JP Morgan hired LKY to sit in their board in New York lah. Not for local operations.

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  3. Top of the morning to you sir!

    I'm up at 4.40-5 usually. Weekends I sleep in until 6 -- if I'm not banging ;-)

    I head off to gym or cycle or jog -- getting outdoors is a great way to meet chicks (so sexy in their exercise tights), and pump up my everlasting positive mood with crisp morning oxygen!

    Here in Oz, early morning exercisers greet each other or make small talk. In Singapore, not so much.

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  4. Understand 1st cousin of PM Lee, CEO of DBS Securities, was recently hired by JP Morgan as part of its regional hiring initiatives.

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  5. This must be meLeetocracy .

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  6. "How in the world could foolish people think that the foreigners are better to run their businesses with local customers and domestic market, culture, taste and all the idiosyncrasies?"

    Seriously.
    Maybe this happens when medically senile people make decisions.
    Lunatics running the asylum?

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  7. This is nothing new. ALL the local banks do that. Capitalism is built on cronism. This is to ensure Slave masters will remain slave masters, slaves will remain slaves until one day the farm gets burn down.

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  8. @b:

    There is no more "capitalism" in the strict lazzaire faire sense. Since the government got involved in the markets and private enterprise, old-style capitalism has been replaced by:

    1. Cronyism -- using absolute power of govt to grant special treatment for special people or commercial and non-commercial organizational entities.
    2. Creditism -- using absolute power of govt to base the national currency on DEBT instead of something "solid" (i.e. non inflationary) like precious metals or land. This allows govt (and others) to borrow to spend as they please to either buy votes, smash their opposition, or to "solidify relationships" with their "partners" in the private sector.

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