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Thread: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

  1. #41

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    The easiest way to cut cost is to reduce the salaries of the c class idiots.

  2. #42
    Member joehani's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by Papilio View Post

    The carnage begins...

    Your catch line is impressive.

  3. #43

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by sORe-EyEz View Post
    i wonder how these HR can find 900 in such a short time for "mass culling".

    leaner workforce for a tighter ship. does it mean they had some on payroll for little good reason? wad were they doing all the while?
    not just a leaner workforce for a tighter ship; also to steer the ship into the right direction.. what a joke.

    well, if HR need to cull 900, they will do that in a matter of seconds, as long as none comes from their own dept. i.e. Human resource!

  4. #44
    Member joehani's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by Godzilla Invades View Post
    Just wondering how do we actually know the govt actually has USD$150 billion?

    Is there a website we can find out if the Singapore govt has that much reserves?

    It's all on papers only.......for us to feel secure but are we really secure?
    Trust me! I've seen it- It's in tangible form not in digits like you see on TV.

  5. #45
    Senior Member azul123's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by joehani View Post
    Trust me! I've seen it- It's in tangible form not in digits like you see on TV.
    Did you actually see the gold bullion bars stored in the reserves? all these figures have to be backed up by some physically form right? and the World economy is measure against US$ what is that backup against? any country able to validate that the US$ has that reserves to backed their value?

    How does our dollar retains the value? it is just a piece of paper about 2"x4" print. Interesting to see what the answers are...

    So when the Fed bails out AIG and others, is it a matter of turning on the printers and print more money?

    Anybody knows?

    ../azul123

  6. #46
    Member joehani's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Sequentially, does anybody knows who will go first?

    Middle management? Senior Management? frontliners?

  7. #47
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by joehani View Post
    Sequentially, does anybody knows who will go first?

    Middle management? Senior Management? frontliners?
    The highest paid ones - Senior Management, Middle Management. Hope you are not one of them.
    I'm here to learn.:flame:

  8. #48
    Member joehani's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by azul123 View Post
    Did you actually see the gold bullion bars stored in the reserves? all these figures have to be backed up by some physically form right? and the World economy is measure against US$ what is that backup against? any country able to validate that the US$ has that reserves to backed their value?

    How does our dollar retains the value? it is just a piece of paper about 2"x4" print. Interesting to see what the answers are...

    So when the Fed bails out AIG and others, is it a matter of turning on the printers and print more money?

    Anybody knows?

    ../azul123
    sensitivelah. . . .cannot say and dont dare say more. . .. . .

  9. #49

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    I think you should wiki the international monetary system. The answers will shock you.
    Money is backed by nothing other than confidence.

    Quote Originally Posted by azul123 View Post
    Did you actually see the gold bullion bars stored in the reserves? all these figures have to be backed up by some physically form right? and the World economy is measure against US$ what is that backup against? any country able to validate that the US$ has that reserves to backed their value?

    How does our dollar retains the value? it is just a piece of paper about 2"x4" print. Interesting to see what the answers are...

    So when the Fed bails out AIG and others, is it a matter of turning on the printers and print more money?

    Anybody knows?

    ../azul123

  10. #50
    Senior Member azul123's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by waileong View Post
    The answers will shock you.
    Money is backed by nothing other than confidence.
    That was my point... you are fast.

    ../azul123

  11. #51
    Member joehani's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by dancemania View Post
    The highest paid ones - Senior Management, Middle Management. Hope you are not one of them.

    HR expert told me - Middle manangement will go first and the rationale quite relevant.

    Frontliners are needed to still keep the business alive. Exceptional frontliners can rank up and double-up some of middle management role.

    Senior Management with lower pay grade double up with middle management roles.

  12. #52

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by dreaming View Post
    at times, when the government r asking companies to retain and retrain the employees. This national bank or state bank are cutting strength. sure a bad example! who's next SIA?
    You must be mistaken. It's a commercial bank, not a state bank. It makes decisions on commercial bases, it does not exist to carry out govt policy.

    And neither does sia, nor keppel, nor singtel...

  13. #53

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by shiruikage View Post
    a more interesting question is do they really expect their remaining workforce to do more work for the same pay with less people and still achieve better results?
    The reality is that they expect less work in the coming months. So they don't need so many people.

  14. #54

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by waileong View Post
    The reality is that they expect less work in the coming months. So they don't need so many people.
    In time like this, it presents the best opportunity for the management to clear the deadwood among the forest trees.

    Also a change in era, those who are pro Jackson's policies will be under the axe.

    Very safe for the SM or higher level - they are always in the Win-Win Situation.
    When economy is good - they have done wonders to bring extra revenue.
    When economy is in doldrum, they have done wonders to limits the fall in profit to only 38%, it could have been much worse given the current business situation.

  15. #55
    Senior Member azul123's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by Silence Sky View Post
    Very safe for the SM or higher level - they are always in the Win-Win Situation.
    When economy is good - they have done wonders to bring extra revenue.
    When economy is in doldrum, they have done wonders to limits the fall in profit to only 38%, it could have been much worse given the current business situation.
    I think to an extent only...

    For example, if share-holders are not happy like for instance the mini-bond example, because they are buying back some from selected individuals who met certain criteria, this has impacted their stocks as the buy back contributed $millions right? so share-holders could be unhappy about it.

    ../azul123

  16. #56

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by foxwagon View Post
    I think every company expects this, whether they retrench people or not.
    The last time we had SARS & bird flu, my department manager took the opportunity to tell us "you people should be grateful to still hold a job, especially the pregnant ones, so don't complain".
    Sigh, reality.
    Quote Originally Posted by sORe-EyEz View Post
    +1

    ... on the sigh.

    with such situation who dare give birth. dun complain suicide rates not high arh!!
    During that time, there were no replacements for those who had retired, resigned, or transferred out, the remaining staff had to bear the duties left behind plus additional work. Then the company followed the "official" guidelines of economic drive/cost cutting to reduce variable components in the salary; double whammy, more work plus less pay. I expect this to repeat in the months to come.

  17. #57
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Of course we all know it is a corporation.
    However everyone knows the roots of corporations such a DBS (and the POSB it absorbed), SIA, etc....
    The term National is figurative, not legal.
    Referring to how the few important institutions were built up at about the same time our young country grew after independence.

    For example, people refer to SIA as Singapore's National carrier.

    Everyone who said that knows that SIA is a corporation with its own legal entity and shareholders. They are not stupid.
    Likewise when they talk of DBS.

  18. #58

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    You'd be surprised what people here think, know and understand. Certainly the idea that so-called GLC's are not government organisations, do not have to follow govt policy, are not run by the govt, are not extensions of the govt but are in fact purely profit-oriented entities has not quite sunk in for a lot of people. Incl foreign legislators who have denied GLC's and SWF's access to their markets for "strategic" reasons.

    Thus the unending calls for bus companies and train operators to consider the plight of the poor, as if these companies owe it to the public to do National service, for example.


    Quote Originally Posted by ricohflex View Post
    Of course we all know it is a corporation.
    However everyone knows the roots of corporations such a DBS (and the POSB it absorbed), SIA, etc....
    The term National is figurative, not legal.
    Referring to how the few important institutions were built up at about the same time our young country grew after independence.

    For example, people refer to SIA as Singapore's National carrier.

    Everyone who said that knows that SIA is a corporation with its own legal entity and shareholders. They are not stupid.
    Likewise when they talk of DBS.
    Last edited by waileong; 8th November 2008 at 08:47 PM.

  19. #59
    Senior Member denniskee's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    i wonder what happens to the "monthly varaible component" in the salary that the govt and unions had promo so much, which they say is suppose to take effect in bad times to help companies to tie over bad times rather than head chopping.
    Last edited by denniskee; 9th November 2008 at 10:06 PM.
    photography makes one sees things from all angles.

  20. #60

    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by JillValentine View Post
    I'm not sure ... is cutting jobs the only solution?
    lol...they oni know how to cut jobs, but they forgot the single most highest money drain in their company: the blardy high bonus of the bosses.
    おれのflickrださ

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