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.