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DBS - Retrenchments

RM has been very naughty this year or perhaps the last few years......Santa will not send them present FOREVER.

And from the Singapore Meterological Service : WARNING....Lightning Detected in Southern Part of Singapore. RM, Please Find Adequate Shelter If Not You Are At Risk of Being Strike By Lightning.

MAS and MOF Building should also inspect their lightning counter-measure is installed properly.

singaporegal      ( Date: 10-Nov-2008 22:09) Posted: Some RMs I've encountered at the banks are very young! Just fresh out of university.  I wonder how much experience they have selling these complex products. I suggest that the banks use only senior people for client-facing roles. Let the fresh grads assist.

 

Some RMs I've encountered at the banks are very young! Just fresh out of university. 

I wonder how much experience they have selling these complex products. I suggest that the banks use only senior people for client-facing roles. Let the fresh grads assist. 

 

Overheard at Lau Pau Sa : 99.99999999% retrenched are from Investment Dept.  Loan : 0, Backend : 0, Front-end 0, POSB 0, as long as not doing investment banking or RM.

As RM are blacklisted by MAS........

I think soon the standards of our taxi drivers standard will improve as many RM is joining the trade.  At least cheat some route will not cause Tan Kim Lian to march to Hong Lim Garden......haaa...

DBS : Go ahead and dump your rubbish!!

 

 

How many RM got retrenched at DBS?

 

Look at how the local media gave a positive spin about the CEO after announcing the retrenchment-People Person. Ya, right and my father is Barack Obama!!

Laulan      ( Date: 10-Nov-2008 13:05) Posted: Bro Zed, I agree what you're saying.  In good times, businesses increase their manpower but in bad times it is quite natural to retrench some of the redundant staff.  However there are some bosses who seize this opportunity to retrench staff when they feel the bottomline will be much better with staffing expenses reduced, and the public would not question them.  These are ungrateful opportunistic employers who make every cent counts.  I don't like them!!

 

I knew someone in USA when staff got retrenched, they get close to nothing. When their CEO of the same company was terminated later, he got US20M package.

Welcome to WallStreet (toxic) culture.....


 

 

Bro Zed, I agree what you're saying.  In good times, businesses increase their manpower but in bad times it is quite natural to retrench some of the redundant staff.  However there are some bosses who seize this opportunity to retrench staff when they feel the bottomline will be much better with staffing expenses reduced, and the public would not question them.  These are ungrateful opportunistic employers who make every cent counts.  I don't like them!!

 

 

I support retrenchment if there are many inefficient ppl working in managment levels and above simply because they cannot guide productivity in the lower levels.. 

But retrechment just to start from bottom and without a clue who are not productive will only allow more inefficient ppl lying around in the business .. Making the bank weaker... 

 

Yoh, Ang Moh practices???

Thats make AK thinking wild that eventually here only hv

2 major local banks. U s D ollar bannks.

Above not a call for anything, just for sharing.

nickyng      ( Date: 10-Nov-2008 10:31) Posted: wait for ang moh bank to do ?? i thot angmoh bank also run by angmoh? isnt an angmoh running DBS now ? hee...FOREIGH TALENT...hor? bring all the bad angmoh practises into asian culture....hai....hmm..on the same context...OCBC also run by an angmoh rite? oops...dun tell me OCBC will be the next cutting 100s jobs? ...oh no.... :D novena_33      ( Date: 08-Nov-2008 13:57) Posted: Hiaz....they every thing also want to be 1st.... 1st to cut headcount in their sector........cant they wait abit long......wait for some ang moh bank to do lar...

 

wait for ang moh bank to do ?? i thot angmoh bank also run by angmoh? isnt an angmoh running DBS now ? hee...FOREIGH TALENT...hor? bring all the bad angmoh practises into asian culture....hai....hmm..on the same context...OCBC also run by an angmoh rite? oops...dun tell me OCBC will be the next cutting 100s jobs? ...oh no.... :D

novena_33      ( Date: 08-Nov-2008 13:57) Posted: Hiaz....they every thing also want to be 1st.... 1st to cut headcount in their sector........cant they wait abit long......wait for some ang moh bank to do lar.... goondoo      ( Date: 07-Nov-2008 21:54) Posted: The problem is after the retrenchement, profit may drop further. Govt set up as the people's bank. Disappoint customers, consumers, shareholders and even now their employees. SIA is the nation's pride and joy, guess DBS is the reverse. Lost the trust of the customers, the shareholders and possibly now the employees. The only bank that can do disservice to all stakeholders at the same time.

 

You're right. New CEO would want to start on a clean slate. It's all politics and very little else. Just look at Citibank for clues.

Zed_Long      ( Date: 10-Nov-2008 02:17) Posted: The logic behind this is there are rules in financial reporting that any contingent losses must be regconised immediately therefore write offs are inevitable. Also there will be advantages of early write offs for a newly appointed CEO.. He can actually try to pull back the losses and increase profit in the next fiscal year. Andrew      ( Date: 09-Nov-2008 23:57) Posted: Yalor, why writeoff now when you can spread out to a few Qs....

 

The logic behind this is there are rules in financial reporting that any contingent losses must be regconised immediately therefore write offs are inevitable. Also there will be advantages of early write offs for a newly appointed CEO.. He can actually try to pull back the losses and increase profit in the next fiscal year.

Andrew      ( Date: 09-Nov-2008 23:57) Posted: Yalor, why writeoff now when you can spread out to a few Qs..... kawaiiboi      ( Date: 07-Nov-2008 16:10) Posted: Have to depend on the losses it incurr.... Its contingent liabilities has already rise more than 85million definately... cutting operation costs is to make up for the loss which will reflect in march next year.. I highly confident that losses for DBS is more than expected..

 

Yalor, why writeoff now when you can spread out to a few Qs.....

kawaiiboi      ( Date: 07-Nov-2008 16:10) Posted: Have to depend on the losses it incurr.... Its contingent liabilities has already rise more than 85million definately... cutting operation costs is to make up for the loss which will reflect in march next year.. I highly confident that losses for DBS is more than expected..

 

Hard to say lah! Obama might do some wonders and market strongly rallies, after that, worst over.
So if we try to time, we might all miss it. The morale of the story, stay invested as it is quite low now.
On mini rally, average up along the way to welcome the bull in future.

 

DBS is the worst affected among the local banks. So they will cut first.

 

Hiaz....they every thing also want to be 1st.... 1st to cut headcount in their sector........cant they wait abit long......wait for some ang moh bank to do lar....

goondoo      ( Date: 07-Nov-2008 21:54) Posted: The problem is after the retrenchement, profit may drop further. Govt set up as the people's bank. Disappoint customers, consumers, shareholders and even now their employees. SIA is the nation's pride and joy, guess DBS is the reverse. Lost the trust of the customers, the shareholders and possibly now the employees. The only bank that can do disservice to all stakeholders at the same time.

 

Any rebound now will not be sustainable till May-Jun 09. This is the minimal waiting time for a typical 18 mths recession. However, if this recession is a deep and long one, the rebound will happen much later. Also if recession is a deep in, the stock mkt recovery will not be a V-shape recovery but a U-shape.

I am looking at a possible rebound of DOW from 6500-7000, STI 1200-1260. That will probably be the time when people talks about stock mkt, they will avoid getting into conversion with you.

From now to then while trending down, there still oppotunities to make some pocket $$ because there will still be pockets of ups where short term traders make $$.

 

Bottomline is still the economy, not the labour. Cutting labour costs can "tong" for a while but if economy is no good, profits will still drop. I'll stay away for a while. Will catch it if less than 10, otherwise will call it a miss.

 

Couples with DBS going to slash 900 jobs in both Spore n HK,

What would be d implication? DBS, may stay strong, instead of plunging.

AK view only. 

ShareJunky      ( Date: 07-Nov-2008 22:25) Posted: Those DBS financial advisors who sold Lehman Bros  mini-bonds - if retrenched -  can they be recalled if disgruntled customers who bought from them now want to discuss issues with them?

 

Those DBS financial advisors who sold Lehman Bros  mini-bonds - if retrenched -  can they be recalled if disgruntled customers who bought from them now want to discuss issues with them?