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

  1. #61

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

    Quote Originally Posted by sORe-EyEz View Post
    is that why some ATMs got no cash inside at some places (just yesterday 3 nearby my home cannot dispense any note$$?....

    i wonder how safe my savings is...
    I think cos they retrench 900 people, no manpower to replenish cash

  2. #62

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

    Quote Originally Posted by Silence Sky View Post
    Cut 1 or 2 at the top and you can spare the 900 and their family.
    I agree with that!

  3. #63

    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?
    Quite true. They might lead by example mah.

  4. #64

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

    Quote Originally Posted by Henessy View Post
    I agree with that!
    No matter how much you agree with me, it is still the 900 who has to go.

    In the corporate world, always try take up a position with very candidate, like the Tea Lady, or the security guard. These positions are recession proof.

  5. #65
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    for the sake of our country, MAS should roll out notes 1/4 their current size, make coins smaller & flatter!

  6. #66

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

    Quote Originally Posted by sORe-EyEz View Post
    for the sake of our country, MAS should roll out notes 1/4 their current size, make coins smaller & flatter!
    Why leh? To cut costs?

  7. #67
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    Quote Originally Posted by Henessy View Post
    Why leh? To cut costs?
    yap yap, is a novel way to reduce costs & raw materials.

  8. #68

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

    DBS started retrenching people today in Singapore and Hong Kong.

  9. #69
    Senior Member denniskee's Avatar
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    Default Re: Singapore's DBS cuts 900 jobs, reports 38 percent fall in Q3 profit

    quote from zao bao

    http://www.zaobao.com/sp/sp081115_514_1.shtml

    回应林瑞生声明

    提出裁员三原因

      另一方面,星展银行对职总秘书长林瑞生的声明做出回应时说,资方是在深思熟虑后才作出裁员决定。发言人 说,银行原本就已经冻结招聘活动,也曾考虑减薪的作法,但最后却决定重组劳工队伍,原因有三:

      第一个原因是金融界目前所面对风暴,并非周期性而是有关行业目前正面临迅速而永久性整合与变革,减薪只 是暂时性的,因此他们认为必须削减和重组员工队伍,才能面对未来发展。

      第二个理由是星展银行并不仅仅以新加坡为据点,有一半的员工驻在新加坡以外,资方认为要划一减薪需要时 间,又不能只是让某些市场的员工面对减薪。

      第三个理由是银行不断拓展业务,有些职务出现重复,或已失去原有功能,单单减薪无法解决这些结构性问题 。

      据了解,被裁员工,每工作一年能获得一个月赔偿,银行也将把受影响员工的医药福利和贷款期限,延长半年 。

    looking at reason no. 3,
    they didnt specifically state what does it means? age? pregnancy? on matinity leave?

    other than that, so sad to see the glory of singapore's tri-patied relationship between govt, union and companies breaks down in such early stage of the ecnonmy crisis. perharps prevention is better than cure (no offence to those being chop, i feel ur pain)?

    also, since all companies expends, so regardless of this crisis, ultimately, the workforce market is shrinking, but schools are still producing every year, couple with all the heads that has been chopped from reasons of being excess due to companies expansion, i wonder how? this also applies to businesses other than banking and finance.

    ot abit here

    in such situation, why cutting cost is the utmost priority, does extra skills count for anything?

    i have seen companies and organizations coming rules that employees must take up course to upgrade themselves (for some obvious reasons), so they took courses thats totally not related to their work to please the management, and the managements are happy, case closed. so when it comes to crunch time, does it matters?

    say i only need to employ machinies to operate my production machines, i go for low wages to keep cost low. what cause do i send my employees to? can think of any with my engineering background and from what my friends told me from their recent interviews, employers dont even want to consider their experience.
    photography makes one sees things from all angles.

  10. #70

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

    Fire 900. Result?

    Save the pay and bonuses of these 900 especially when Dec and Jan is coming soon.

    Fire 900.

    The rest of company are afraid to ask for leave, raise and willing to accept cuts and overtime to prevent being the next 900. Also the remainder are "grateful" to company for not making them the first 900. The rest now work even harder than before and costs are reduced while productivity is increased. If you cannot perform or not up to par? Just fire u and there are others willing to take your place. Maybe some of the first 900?

    Fire 900

    Shareholders still get their share, top management still get their high pay and benefits. Cut their pay? Are you mad? Without their guidance, the company might not get out of the crisis. Hence it is important to maintain and maybe increase their benefits to keep them. Afterall another company might poach them.

    So end of the day. Firing 900 is the best decision DBS made.
    Last edited by aeskywan; 16th November 2008 at 02:04 PM.

  11. #71

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

    Quote Originally Posted by waileong View Post
    I think you should wiki the international monetary system. The answers will shock you.
    Money is backed by nothing other than confidence.
    there was a good article in last month's Economist regarding this.
    Money used to be backed by gold I believe?
    Now as waileong says it's backed by confidence (in this case the USA's promise...not very good if the US economy tanks yes?)

  12. #72

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

    Quote Originally Posted by aeskywan View Post
    Fire 900. Result?

    Save the pay and bonuses of these 900 especially when Dec and Jan is coming soon.

    Fire 900.

    The rest of company are afraid to ask for leave, raise and willing to accept cuts and overtime to prevent being the next 900. Also the remainder are "grateful" to company for not making them the first 900. The rest now work even harder than before and costs are reduced while productivity is increased. If you cannot perform or not up to par? Just fire u and there are others willing to take your place. Maybe some of the first 900?

    Fire 900

    Shareholders still get their share, top management still get their high pay and benefits. Cut their pay? Are you mad? Without their guidance, the company might not get out of the crisis. Hence it is important to maintain and maybe increase their benefits to keep them. Afterall another company might poach them.

    So end of the day. Firing 900 is the best decision DBS made.
    I don't think so, there is more to it.

    If a retrenchment was made in a manner that got rid of underperforming people, it makes sense. In this case, the retrenchment was made to business units where less focus was expected and operational uunits where there were overlaps. It is fine to retrench, but the manner in which it was done does leave a lot to be desired. From what I have heard, people who were loyal or good were not necessarily retained.

    The feedback I have received was that it has sent out the wrong message to the people within and outside of the bank, even if this was not the intended purpose.

  13. #73

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

    What's to be desired? What more is there to it?

    They had too many people for anticipated needs, they got rid of some.

    Loyalty and performance doesn't come into it. If your dept is not needed, it's not needed. If it has too many people for the work anticipated in future, it has to be shrunk.

    It's not personal, it's just business. The company owes you nothing other than a paycheck at the end of the month. Similarly, you owe a company nothing other than the work you agreed to do in return for the paycheck.

    No one would logically throw out their best and brightest, and I assume DBS did not deliberately tell their best performers to leave. But it's always possible that some average or ok-performers were asked to leave. It's also possible that some people thought they were better than their top managers thought they were.

    Who's to say who's right?

    Quote Originally Posted by Parchiao View Post
    I don't think so, there is more to it.

    If a retrenchment was made in a manner that got rid of underperforming people, it makes sense. In this case, the retrenchment was made to business units where less focus was expected and operational uunits where there were overlaps. It is fine to retrench, but the manner in which it was done does leave a lot to be desired. From what I have heard, people who were loyal or good were not necessarily retained.

    The feedback I have received was that it has sent out the wrong message to the people within and outside of the bank, even if this was not the intended purpose.

  14. #74

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

    Quote Originally Posted by Parchiao View Post
    From what I have heard, people who were loyal or good were not necessarily retained.
    if u are good, you should be able to get a job elsewhere. And furthermore, they pay u money to job hop

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