'Lex adjudged that chief executive Bill Winters has done a poor job of preserving shareholder value — never mind building some — since he joined just over three years ago. The shares are down 40 per cent.
Emphasis mine. FT’s Letter from Lex summarising it’s article that’s behind a pay wall. Emphasis mine.
Time for Temasek, the controlling shareholder, to talk to other top
10 shareholders about removing him? Pigs will fly first. The CEO that
ran the bank into the ground was kicked out because another top 10
shareholder,Aberdeen Asset Mgt, as it then was, organised a campaign
against him.
But then Temasek’s paper general CEOs would also have to go if they
are judged by best practices ang moh private sector standards.' Cynical Investor
The above were comments by Cynical Investor posted in TRE. He was talking about the financial woes in StanChart and the heavy fines it is paying the US govt. The shareholders are definitely unhappy with the current CEO and may be looking for a replacement. Temasek is a major shareholder of StanChart and would be concerned about who is next to helm the bank.
While Cynical Investor was talking about paper general CEOs in a different direction, maybe Temasek should seriously consider putting up one of its hundreds of paper general for the post. It has placed many paper generals in different CEO positions that were unrelated to the experience and training of a soldier general and all doing extremely well. Why not putting one as the CEO of StanChart? Cynical Investor also commented that this Winters made our paper general looked so good. OK a little OTJ may be required but this is chicken feat.
It is a good opportunity to train paper generals into top bankers. Singapore needs more locals, oops, shouldn't use this dirty word, I mean Singaporeans, to become top bankers. A top financial centre must continuously be grooming its citizens for such positions and not relying on foreigners all the time. It is high time such a scheme be put in place.
If this suggestion is a no go because a MNC would want its CEO to have relevant experience and soldiering experience of paper generals would not be accepted as good enough, perhaps Temasek can send its top Singaporean banker, Piyush Gupta to take over StanChart. Then the CEO of DBS can go to a Singaporean that is next in the queue.
The foreign shareholders inn StanChart would definitely welcome Gupta as he is now one of the world's top bankers, if not the best banker in the world, at least he is the best in Asia helming Asia's number One bank, DBS.
This would be a good career path to develop for retiring paper generals. DBS is a good training ground for paper generals to be bankers and then move on to helm StanChart or other foreign banks where Temasek is a majority shareholder. It is time that this career path be institutionalised to provide a good career for our hundreds of paper generals queuing up to join the private sector as CEOs.
Who do you think Mr Heng? Or shall I ask Mr Lee or Madam?
Uncle Redbean, why don't you apply for the position? I think you would probably do a better job. Put your name forward and we will all vote for you.
ReplyDelete
ReplyDeleteDBS doing a Great Job???
So many vanishing ATMs dropping like Nine Pins in the Heartlands. Just like Starhub Vivo from 2000 said ft to 150sq ft and 300 chiak Kia Kee.
Now Customers Services also communicates with Robots. Pity the oldies who already flower eyed and no a shit of what's Internet Banking and PayLah.
Just pay lah to them.
All trying to go what's nonsense cashless and the Government Agencies and Hospitals telling you all is done and Bills that come later telling you to pay by what's AXS or Internet.
Just a meagre below $10.00 for what's stupid unsubsidized blood or urine test and have to key in several times what's their OTP or sign in Token numerical numbers.
Invoices and Bill Nos with what's OOO numeric or is it Alphabet and they kept promoting Errors Hundred times.
What's STUPID Smart Nation when even IT security expurts no action when hacked and no update for a year.
Have these Tak See Chek Scholars who are mostly brain dead. How to compare with Wee Chi Yaw and Li Ka Ching who no need what's toilet papers qualifications.
Wait till a disaster strikes Sinkieland and see whether you can use your SmartNations Apps to buy your Food when there is no power.
Cash is still King.
ReplyDeleteJust to add. Not aware that one Credit card is expiring soon in Dec. Sudden recd a Mssg to activate the Card.
Gong,gong without checking activate the card. Later checked card and found that maybe they sending a replacement vaild one.
Called them and they said already send replacement some two days back and should have recd within seven to 10 days.
How can they mssg to activate card within two days when the time of receipt can be 7 to 10 days.
If you activate and the card goes to the wrong hands then the spending spree starts on your account.
Till now already 14 days and not recd. Luckily told them to deactivate.
They said will send another when not recd. Hopefully, they know how to have a new account number for the new card or else activate again with old numbers and that somebody is waiting to sponge you.
Cheers
@Virgo
ReplyDeleteThe ONLY thing that matters in doing a good job in private sector is how much profits, how much dividends given, how much stock price go up.
All the rest is Bullshit.
And in this regard the foreigner indian at DBS has done an above average job.
If you want to bring in things like helping the old folks, increasing the number of bank branches, having 5X more bank tellers like the old days, having staff that can talk in hokkien or Cantonese, having interest rates for savings accounts & FDs pegged to mortgage rates, instead of miserable 0.05% .... Then cannot be private sector bank ... Must be govt-owned (part of stat board or ministry) and at least semi-socialized bank like the old Post Office Savings Bank.
In fact, if you want the personal face-to-face interactions like in the old days, you need to be at least priority banking customer (for DBS it is DBS Treasures).
ReplyDeleteBetter still if your bank account can meet the Private Banking status. Then you have at least 2 staff assigned to take your calls & queries 24/7. And no need for you to go to branch ... they will drive to your home to take orders & instructions & explanations.
If you're like 90% of Sinkies then too bad lar .... learn how to use Paylah & Paynow & e-banking & mobile payments & QR codes & NFC epayments & Paywave.
It's not rocket science. Even beggars in China know how to use.
ReplyDeleteYa ya, have the beggars and tissues papers sellers displayed their QF codes on their Alms Bowls or hang on their necks and the High class Mininnenials scanned their headphones to make payments.
See you lost your headphones and no ten or twenty cents to Pee And Poo.
At least, the staff should work with their brains.Send a mssg that we send you a replacement card and activate if you had recd it
Not send on the 1st and ask you activate on the 3rd taking for granted you recd it.
ReplyDeleteHi Anon 10.06
As what's you said only the Rich can have such services then it's clearly shown such discrimination and inequality in Sinkieland.
The Universe do NOT exist just for the Rich only.
You how lian not Rocket Science that even China beggars knew about cashless systems but havs you spare a thought for us Sinkies peasants. That may includes your parents too.
Or are they also like you How lian what's IT savy that's even smarter than MOH Data hacked half past sick Security Protection??
RB
ReplyDeleteI m very very very confident that the present DBS CEO is able to turn SC into the world best bank!
Just look at him.
Talk also got wind.
Pay him well! ££££££££££££€€€€€€€€€€€€!
Do it now!
10.43am anon, no need to be so rude to that dude lar. U got nothing better to do on Sunday morning is it? Just ask matilar to sodomize u lor😀
ReplyDeleteAnon 12.22
ReplyDeleteFor info most of the Support base of depositors are the Working class And Ankors and Unties who surprisingly have more than those so called What's Premium Depositors like What's Treasure Schemes.
If they do serve them, then who???
Also, you think those on what's Treasures Deposits are their own fund??
Just like those on Companies Expense Accounts to entertain their own kins or friends at Posh Restaurants and having Others Back side skins for their faces.
Many would not even spare a dollar out of their pockets for you.
So how much has Temasek lost on Stanchart? Stanchart share price has been going down since 2015. This problem is not new.
ReplyDeleteMore taxes to make up for losses?
CPF retirement sum already fixed at $176K for 2019 and $181K for 2020. After that will increase yearly by govt-defined inflation rate. Should be at least 3% jump per year.
Medisave basic healthcare sum now $54,500 and probably over $60K by 2020 and increasing at rate of 5% yearly.
Hi Speed, I don't have that kind of delusion to think I can do anything without the necessary qualification, training or experience.
ReplyDeleteOn the other hand, if a soldier can be parachuted to be politician/minister, run a shipping line, a mass media, MRT, etc, I think I would not do that much worse.
Anon 10:49, This DBS CEO is the best in the world. He can easily run Citibank or any top American and European bank. Wondering when they are going headhunt him and triple his pay in DBS.
ReplyDeleteMonday Lt-Gen of SPH gonna have the Company's Financial Report.
ReplyDeleteSee RED or BLUR.oops BLUE.
Democrats or Republicans.
CEO even cannot take cares of Staff simple adulterous affairs, where got hope??
Can give standing Orders as Chief of Staff in SAF but cannot foresee
Malingering of Staff Affairs.
These two old birds still there even my son had left seven years ago.
Your interns, sake of curry favours and some itchy like hell like to suck up their higher uups for favours.
What's had happen to the Morals and Ethics of Today's Minniminals or Minnineinals.
Lucky lived seventy years back where still can find demure,hard-working fauthful wives.
"Temasek can send its top Singaporean banker, Piyush Gupta to take over StanChart. "
ReplyDeleteThen the India nationals will follow to Stanchart, and DBS will employ true blue Singaporeans again! Yippee !!
Fat Hope Anon 5.52
ReplyDeleteTheir Tribes from India waiting at side lines. CECA III had signed and notarized.
Sue you in Court if you stop our flow of Talented Talents into Singapore.
Think StandChart already infiltrated by their kind when their previous Kind were the CEOs.
That why this scapegoat Ang Moh cannot help the Sinking vessel.
For months, U.S. stocks powered higher to records while most of the world’s markets crumbled, a divergence that analysts and investors said wouldn’t last. It didn’t."
ReplyDeleteSame same for DBS and Paper Generals.
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ReplyDelete