Singapore has been the preeminent financial centre of South East Asia for decades. At one time we could boast of so many great Singaporean bankers in our midst. Today the stark reality is that Singaporeans are an absolute minority in this sector, especially in the top management level. Singapore not only lacked finance and banker professionals but also IT specialists despite the fact that Singapore is the most advanced nation in the region and boasting of three top world class universities.
And guess which nationals are the top bankers and IT specialists in Singapore? They came from a country that was never a financial centre, with not a single university in the top 100 rankings of world universities and regarded as a third world developing country. How is this so, how is a top notch first world nation and being the financial centre of the region unable to produce the top talents in the field of banking and finance and IT and has to rely heavily on a third world country for top talents and accepting the fact that its graduates are unsuitable for employment in the top echelon of banking and IT?
There was a short article hiding in the bottom half second page of thenewpaper on 19 Aug that clearly described this pathetic state of affair in the development and growth of our talents in these two industries. The title of the article, 'Protecting and growing Singaporean jobs top prority: MAS' highlighted the problems raised by Raymond Koh, a retired senior banker and Ravi Menon, MAS MD's response to this call. The problem as written by Raymond Koh, 'As a retired senior banker, I can say categorically that in the past two decades, many foreigners hired in Singapore's finance sector have been for upper-middle to senior management positions.' Ravi Menon's reply was that while not where we want to be, the picture was not that bad.
Goh Keng Swee must be turning in his grave. Goh was instrumental in demanding that top banking jobs must be helmed by Singaporeans and took the foreign banks to task for any delay towards this goal. But since his passing, this mission was forgotten and allowed to slacken until this pathetic state of affair becomes a shame to the glory of Singapore as a financial centre. Whose fault is this? Education, MOM or MAS?
The articles exposed so many controversial and unsavoury happenings in the banking and finance industry with everyone trying their best to hide the unappetizing truth, that Singaporeans are a minority in the industry, especially in the top management level. The stats quoted were hiding a lot of things that they did not want Singaporeans to know. MAS estimated Singaporeans make up 70% of the sector's workforce sounds comforting, estimate only. But only 43% of senior management jobs went to Singaporeans. How many percent of top management jobs went to Singaporeans was not mentioned. This one better not to tell, or no statistics.
And the three local banks proudly announced that Singaporeans and PRs made up more than 80% of their employees. What they refused to say is how many of the 80% plus employees are Singaporeans. Why is there a need to hide these numbers? Not pleasant to tell? Might as well say this is a state secret that may harm the nation's interest if disclosed?
Every organisation and govt dept would always used this number, Singaporeans and PRs or locals as a single data and not wanting to tell what is the percentage of Singaporeans versus PRs in the numbers. Why? Why? Why? Singaporeans can understand that when one is getting paid with obscene salary it is quite embarrassing to tell. But how many Singaporeans are employed cannot be a state secret right?
The more they hide, the more suspicious it becomes, the more people are unhappy and to know the truth. Singaporeans can only guess that the truth is going to be very painful and unacceptable to Singaporeans and Singaporeans' interest.
What do you think? When there is nothing to hide, no need to hide. Is it so difficult to tell a simple statistical truth?
At the way it is going, with opportunity for top banking jobs going to foreigners, giving foreigners all the trainings and exposure they need but could not get in their home countries or elsewhere, it is only a matter of time when there will be no Singaporeans holding top banking and finance jobs in Singapore. If Singapore is not going to train and give opportunities to Singaporeans, no other country will do that for Singaporeans.
26 comments:
The more they hide, the more people think something is not right.
Frogs have ears, but they are located inside.
It takes time, but one day people will slowly realise their plight.
When the shit hits the fan, their votes will slide.
When that happens again and again, they will have nowhere to hide.
After reading what you said, I must agree that you are absolutely right.
Hi Anon.
By that time it's be Too Late to rectify the situation.
You be under the Thumbs of their Control.
One Americunts Movie "LOST COMMAND" many decades ago.
This is a vicious cycle. The lesser opportunities given to Singaporeans, the lesser would be their skills and experience and exposure and less marketable or employable.
The reverse is equally damaging. The more opportunities given to foreigners, the more skillful, experience and marketable they become.
How stupid can our leeders be to keep training foreigners and giving them all the good opportunities for top jobs and neglecting and sidelining Singaporeans?
This is a crime against Singaporeans, condemning Singaporeans to mediocrity.
V49
U are 1o8% correct!
Yes! Toooooooo late!
HAHAHA...
Last few days so many rebuttals and excuses from MAS and the other agencies.
Doing damage controls. Trying to hide the truths.
Paper cannot cover fire lah.
Think Daft Sinkies are STUPID?
I think Sinkies are really STUPID with their bo chap as long as I am ok attitude you die your business behaviours.
Till the day they are in the same boat of the RTS Roam The Streets then they will taste their miseries in leisure.
Wow COE even at this time Sky High. Sinkies must be very rich or just live for today.
Even with a pending Depression on the Way, still how lian.
Aiya.... the 61% die die die die just voted YES✓! They gave the BLANK cheque!
What is the use of kpkbsssssssss now?
What can you do now? What can the masses do now?Really?
Only lan-lan! U look at me I look at u!
Hahaha......
Yeah, what can playing the same broken record do now?
There will be many jobs lost due to business closures going forward. The signs are not good.
The Government is now talking about saving jobs and helping companies to survive. The States Times just retrenched more than a hundred staff. When Government subsidies are calculated to be not feasible for survival, business would rather close shop than bear heavy losses, until God knows when. 25% or even 50% wage subsidy is not going to help if business people are not sure of improvements in sentiments in the near term.
The biggest and most pessimistic outlook is when the airlines talk about recovery only by 2024, which is not good news for hotels, restaurants, tourist attractions, shops and the travel industry as a whole. How dependent is the economy on tourism is not to be scoffed at.
Foreigners are smarter because they are not dumb down by their leaders unlike sinkies. For example, Sinkies leaders have purposely underfunded public education so that elites are only from top schools. Still remember there were no biology subject offered in some none elite sec schools to prevent them from being a top doctor.
Current SG government are still dreaming that they are forward looking. Covid19 is worst than the Spanish flu 1918. It is a totally reset situation now. All current models of whatever systems should be discarded. Let them died naturally, we can't used our reserves to pick and choose, as nobody know how. Learn from historical reset situation. Lapses of times can only show you the way. You move you died, you don't move and wait you may survived. Our reserve should be used only for Singaporeans survival not to save all obsolete companies.
Anonymous 1022am
Same same same broken record lah..... because nothing changed leh! Ok?
Hahaha.......
They are sharing our reserves with the locals. Who are the locals?
All the ills in Singapore and to Singaporeans are caused and created by only one person with the concurrence and assistance of her incompetence, fatuous, self-glorifying husband.
@ Anon 1033 am:
"The Government is now talking about saving jobs and helping companies to survive. The States Times just retrenched more than a hundred staff. When Government subsidies are calculated to be not feasible for survival, business would rather close shop than bear heavy losses, until God knows when. 25% or even 50% wage subsidy is not going to help if business people are not sure of improvements in sentiments in the near term."
You are absolutely correct. Business means profits. No profits, business cannot do. Not worth wasting businessmen's time. Time is money to business.
If time is wasted to run a company that cannot even break-even, it is better, more practicsl and wiser to close down that business and cut costs. Shift whatever available capital elsewhere. Look for new avenues of opportunities.
Present model of business and supply-chain, after COVID-19's devastation, interruptions, uncertsinty, does not and cannot work anymore.
Dump one-track minds, used to fast-track easy-going untested life, A-Level Glorified Students cannot make good leaders, let alone expecting them to make good business decisions.
Technocrats are technocrats. They are no practical economists like Dr Goh Keng Swee. They are book-smart, theory-based students, still learning, or worst due to million-dollars pay, stopped learning. But still not matured.
Just take a closer look at the arrogant Cotton-Come-From-Sheep, the truly Xia Shuay of the Century, still very immatured in look and in behaviour and character. How the hell such a bloke was made a general and then a millionaire minus-ter, somemore made incharge of trade and industries. This reflects badly on those who pulled him up and put him there.
So, actually the whole Gang has been badly selected by a bad selector. If leaders are unable to identify good people, instead of just loyal people. like what Trump and Pinky are doing, then the country is doomed, unless these leaders are replaced with better leaders, selfless caring leaders.
Singapore needs urgent and serious revamp.
@ Anon SSO 219pm
In your opinion, you think now till 2025 enough time to revamp? If not, when? When? When? One day?
The over expensive rentals to world famous shops in Orchard Road, the rentals of aircon upgraded kopitiams, to pay the landlords are a recipe for disaster in this pandemic. How many shops and foodstalls can continue to pay the high rentals plus salaries for another 6 mths without no income or minimal income?
How many think the hordes of little companies in Chennai Business Park can survive this crisis or start to pack up and leave?
All the landlords depending on no labour income are going to end up with empty offices and homes.
Make a new unbroken record lah! Say something new, even old news, in a new package. Not just repeating long long long, old story in same old old old tired format, but nothing new come out.
The revamp will be painful for some. Many will become security guards, but under a new name, like 'Safety Captains' or something like that. You never know it may attract many, because Sinkies are easy to bluff or fooled.
Wonder what the pay will be like then?
Anonymous 342pm
Yes Sir!
There was a song that goes 'In the year 2525, when men is still alive'.
Holy smoke, the way things are developing, the coming wars, the virus, even by 2025 we do not know whether men will still be alive.
Anonymous @ 3:42pm said:
///Make a new unbroken record lah! Say something new, even old news, in a new package. Not just repeating long long long, old story in same old old old tired format, but nothing new come out.///
You must be referring to yourself. Empty vessel.
Anon 3:39pm,
Would our daft leeders use our taxpayers money to save the CECA companies in Chennai Business Park?
Hi anon 353pm
Don't be so pessimistic lah!
Cheer-up! The world is so wonderful and full of excitement!
The world will be ok! Everything will be ok!
So....be happy and worry less!
Cheers.
@ Anonymous @ August 20, 2020 2:49 pm
"@ Anon SSO 219pm
In your opinion, you think now till 2025 enough time to revamp? If not, when? When? When? One day?"
As I have said so many times before, don't just ask questions even fools also know how to ask. Think of a solution. If cannot think of a good solution, just think of something. LUse your own ideas and contribute to the ultimate solution or equation.
If you need to know my ideas, here it is:
We need each and everyone of us, every vote counts, every single digit counts. If each one of us can influence five other people. And the other five people were to convince another five people each, that will be 25 people. And if the process Carrie's on and on, non-stop, in the end there will definitely be an exponential increase on the side of the peasants (the masses, the commoners, the have-nots).
No matter how long or how fast it takes, as long as we have the objective in mind and are moving forward towards a collective concerted effort, then success will come to us, the commoners, masses, peasants, have-nots, jobless, unwanted.
That is the spirit to go on. Never say die. Never give up hope.
Hahaha....
Good e! All the BEST-est to U!
Cheers.
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