Catch that job thief!
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Showing posts with label cut jobs. Show all posts
Showing posts with label cut jobs. Show all posts
Wednesday, April 12, 2017
Thursday, December 22, 2016
SMEs pessimistic about first half of 2017: Survey
SMEs pessimistic about first half of 2017: Survey
Despite the overall pessimism, the SBF-DP SME Index recorded ‘modest optimism’ in expectations of business expansion, capital investment and hiring. TODAY file photo
ANGELA TENG
angelateng@mediacorp.com.sg PUBLISHED: 4:00 AM, DECEMBER 22, 2016UPDATED: 11:13 AM, DECEMBER 22, 2016
SINGAPORE — In an ominous sign for the new year, small and medium enterprises (SMEs) here are pessimistic about their prospects for the first half of next year, an industry index showed yesterday — the first time the quarterly survey showed such negative sentiments since it was started seven years ago.
Despite a better official forecast for Singapore’s economy next year compared to this year, business owners expect turnover and profitability to sour in the coming months, according to the Singapore Business Federation (SBF)-DP SME Index, which fell by 0.4 point to 49.8, compared with the survey conducted in the previous quarter. The index seeks to measure a six-monthly outlook among SMEs, with a reading of 50 and above indicating optimism. This was the first instance where the index fell below 50, indicating pessimism.
Association of Small and Medium Enterprises president Kurt Wee said the pessimism was “not a surprise”.
“It is reflective of the current business sentiment and mood. Businesses are tightening their belts and not expecting a recovery in demand,” he said. “Businesses also expect an increase in cost of (financing) while operation costs remain high. The bright side is businesses have been preparing in the last 18 months for this situation.”
The index, which surveyed more than 3,600 SMEs between October and last month, recorded declines in five out of six sectors, compared with the survey in the previous quarter. SMEs had a negative outlook in commerce/trading, construction/engineering, manufacturing, retail/food and beverage, as well as transport/storage. Only firms in business services had positive sentiments.
The SBF and DP said index scores for turnover and profitability expectations were both at “record lows”. SMEs expect their profits to fall, “indicating how reduced sales and high operational costs are compressing already-lean profit margins and driving many SMEs into losses”, they added.
SBF CEO Ho Meng Kit said SMEs are facing “challenging conditions” in the current economic situation. “This is in line with the slowing overall economy,” said Mr Ho, noting that the Ministry of Trade and Industry (MTI) had cut the top end of its full-year growth forecast for this year by half a percentage point. The economy is now expected to grow between 1 and 1.5 per cent for the whole of this year. For next year, the MTI forecasts gross domestic product to grow between 1 and 3 per cent.
Mr Ho said that recommendations will be put forward for the Government’s Budget next year to help SMEs “navigate the immediate challenges of high business costs”. “The recommendations will also focus on helping SMEs sustain growth particularly during this current economic climate, as well as support scalable, local-based enterprises to develop into globally competitive companies,” he said.
SME owners told TODAY that they are feeling the strain.
Mr Kegan Tan, a retailer selling sports goods, recently closed down his shop at Tampines Safra after sales plunged. “It could be due to the economy or the location. In order to guard against choppy waters, we closed the retail shop a month ago. The lease was expiring and we decided not to renew it even though it was affordable,” he said. His company is looking at focusing more on its online business and other strategies. “Despite the change in the business focus, we are still optimistic,” he said.
Despite the overall pessimism, the SBF-DP SME Index recorded “modest optimism” in expectations of business expansion, capital investment and hiring.
CIMB Private Banking economist Song Seng Wun said: “The economy is affected by uncertainties from abroad, with a very uneven performance for the sectors. However, all is not lost. We keep our fingers crossed on global growth as there are signs of us turning the corner to better exports. Perhaps the worst may be behind us.”
- wong chee tat :)
Despite the overall pessimism, the SBF-DP SME Index recorded ‘modest optimism’ in expectations of business expansion, capital investment and hiring. TODAY file photo
ANGELA TENG
angelateng@mediacorp.com.sg PUBLISHED: 4:00 AM, DECEMBER 22, 2016UPDATED: 11:13 AM, DECEMBER 22, 2016
SINGAPORE — In an ominous sign for the new year, small and medium enterprises (SMEs) here are pessimistic about their prospects for the first half of next year, an industry index showed yesterday — the first time the quarterly survey showed such negative sentiments since it was started seven years ago.
Despite a better official forecast for Singapore’s economy next year compared to this year, business owners expect turnover and profitability to sour in the coming months, according to the Singapore Business Federation (SBF)-DP SME Index, which fell by 0.4 point to 49.8, compared with the survey conducted in the previous quarter. The index seeks to measure a six-monthly outlook among SMEs, with a reading of 50 and above indicating optimism. This was the first instance where the index fell below 50, indicating pessimism.
Association of Small and Medium Enterprises president Kurt Wee said the pessimism was “not a surprise”.
“It is reflective of the current business sentiment and mood. Businesses are tightening their belts and not expecting a recovery in demand,” he said. “Businesses also expect an increase in cost of (financing) while operation costs remain high. The bright side is businesses have been preparing in the last 18 months for this situation.”
The index, which surveyed more than 3,600 SMEs between October and last month, recorded declines in five out of six sectors, compared with the survey in the previous quarter. SMEs had a negative outlook in commerce/trading, construction/engineering, manufacturing, retail/food and beverage, as well as transport/storage. Only firms in business services had positive sentiments.
The SBF and DP said index scores for turnover and profitability expectations were both at “record lows”. SMEs expect their profits to fall, “indicating how reduced sales and high operational costs are compressing already-lean profit margins and driving many SMEs into losses”, they added.
SBF CEO Ho Meng Kit said SMEs are facing “challenging conditions” in the current economic situation. “This is in line with the slowing overall economy,” said Mr Ho, noting that the Ministry of Trade and Industry (MTI) had cut the top end of its full-year growth forecast for this year by half a percentage point. The economy is now expected to grow between 1 and 1.5 per cent for the whole of this year. For next year, the MTI forecasts gross domestic product to grow between 1 and 3 per cent.
Mr Ho said that recommendations will be put forward for the Government’s Budget next year to help SMEs “navigate the immediate challenges of high business costs”. “The recommendations will also focus on helping SMEs sustain growth particularly during this current economic climate, as well as support scalable, local-based enterprises to develop into globally competitive companies,” he said.
SME owners told TODAY that they are feeling the strain.
Mr Kegan Tan, a retailer selling sports goods, recently closed down his shop at Tampines Safra after sales plunged. “It could be due to the economy or the location. In order to guard against choppy waters, we closed the retail shop a month ago. The lease was expiring and we decided not to renew it even though it was affordable,” he said. His company is looking at focusing more on its online business and other strategies. “Despite the change in the business focus, we are still optimistic,” he said.
Despite the overall pessimism, the SBF-DP SME Index recorded “modest optimism” in expectations of business expansion, capital investment and hiring.
CIMB Private Banking economist Song Seng Wun said: “The economy is affected by uncertainties from abroad, with a very uneven performance for the sectors. However, all is not lost. We keep our fingers crossed on global growth as there are signs of us turning the corner to better exports. Perhaps the worst may be behind us.”
- wong chee tat :)
Wednesday, December 21, 2016
Fewer Singapore employers plan to increase headcount next year: Survey
Fewer Singapore employers plan to increase headcount next year: Survey
PUBLISHED: 8:55 PM, DECEMBER 20, 2016 UPDATED: 12:22 PM, DECEMBER 21, 2016
SINGAPORE — Fewer companies in Singapore plan to increase headcount next year, initial findings from a survey showed on Tuesday (Dec 20), a reflection of the current uncertain economic climate.
According to a survey on 2017 employment trends by international recruitment consultancy Michael Page, about one in three employers in Singapore – or 36 per cent – plan to ramp up hiring next year, down from 49 per cent in the 2016 survey. Meanwhile, 57 per cent of companies indicated they plan to maintain headcount in 2017 while 7 per cent said they will cut staffing, the survey showed.
The survey underscores the challenges facing Singapore’s labour market amid slower gross domestic product growth at home and sluggish global economic conditions. The latest labour market report from the Ministry of Manpower released last week showed that total employment expanded by just 14,500 in the first nine months of this year, the slowest growth since the 2009 global financial crisis. Jobseekers also continued to outnumber the vacancies available for the second quarter in a row.
Michael Page’s 2017 Asia Salary & Employment Outlook survey contained responses from nearly 450 employers in Singapore across various industries. The full report - which will be launched in February - will also contain market insights and recruitment trends from more than 3,400 respondents in Asia.
The initial findings released on Tuesday showed that among those planning to increase headcount next year, six in 10 are looking to hire at middle management level. The majority of companies - 63 per cent - also said they plan to offer employees a 1 to 5 per cent salary increase, while 15 per cent said they do not plan a pay hike.
Hiring is expected to be dominated by the digital, technology and healthcare sectors.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the Government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” said Mr Anthony Thompson, regional managing director of Greater China, South East Asia & India at Michael Page.
These niche technical requirements, combined with requests from hiring managers for solid industry experience, are likely to result in fierce competition for a limited pool of talent next year, the report said.
Meanwhile, a separate survey by recruitment agency Randstad released on Tuesday showed that employees in Singapore were less optimistic than global peers about how their employers would perform financially next year.
About 56 per cent of employees in Singapore said they expect their employers to perform better financially in 2017, compared with the global average of 69 per cent, Randstad’s Workmonitor research report showed. This also compares with the 59 per cent in Hong Kong and 70 per cent in Malaysia.
“Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the US elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
- wong chee tat :)
PUBLISHED: 8:55 PM, DECEMBER 20, 2016 UPDATED: 12:22 PM, DECEMBER 21, 2016
SINGAPORE — Fewer companies in Singapore plan to increase headcount next year, initial findings from a survey showed on Tuesday (Dec 20), a reflection of the current uncertain economic climate.
According to a survey on 2017 employment trends by international recruitment consultancy Michael Page, about one in three employers in Singapore – or 36 per cent – plan to ramp up hiring next year, down from 49 per cent in the 2016 survey. Meanwhile, 57 per cent of companies indicated they plan to maintain headcount in 2017 while 7 per cent said they will cut staffing, the survey showed.
The survey underscores the challenges facing Singapore’s labour market amid slower gross domestic product growth at home and sluggish global economic conditions. The latest labour market report from the Ministry of Manpower released last week showed that total employment expanded by just 14,500 in the first nine months of this year, the slowest growth since the 2009 global financial crisis. Jobseekers also continued to outnumber the vacancies available for the second quarter in a row.
Michael Page’s 2017 Asia Salary & Employment Outlook survey contained responses from nearly 450 employers in Singapore across various industries. The full report - which will be launched in February - will also contain market insights and recruitment trends from more than 3,400 respondents in Asia.
The initial findings released on Tuesday showed that among those planning to increase headcount next year, six in 10 are looking to hire at middle management level. The majority of companies - 63 per cent - also said they plan to offer employees a 1 to 5 per cent salary increase, while 15 per cent said they do not plan a pay hike.
Hiring is expected to be dominated by the digital, technology and healthcare sectors.
“Digital, technology and healthcare are likely to be the country’s fastest-growing industries due to the Government’s pledged efforts to boost investment in these sectors. As a result, employers across these three sectors are likely to continue hiring actively, though recruitment efforts will largely focus on filling niche roles,” said Mr Anthony Thompson, regional managing director of Greater China, South East Asia & India at Michael Page.
These niche technical requirements, combined with requests from hiring managers for solid industry experience, are likely to result in fierce competition for a limited pool of talent next year, the report said.
Meanwhile, a separate survey by recruitment agency Randstad released on Tuesday showed that employees in Singapore were less optimistic than global peers about how their employers would perform financially next year.
About 56 per cent of employees in Singapore said they expect their employers to perform better financially in 2017, compared with the global average of 69 per cent, Randstad’s Workmonitor research report showed. This also compares with the 59 per cent in Hong Kong and 70 per cent in Malaysia.
“Retrenchments and hiring freezes as well as news of major global issues, such as Brexit and the US elections, have kept employees taking a more cautionary stance with regards to their expectations for the coming year,” said Mr Michael Smith, managing director for Randstad Singapore, Hong Kong and Malaysia.
- wong chee tat :)
Sunday, December 18, 2016
Retrenchment On The Rise But Vacancies Still Exists?
Published on Nov 18, 2016
While job redundancies have been on the increase, many sectors – from sales to engineering and accounting and finance – are struggling to fill vacancies. Ascent Solutions chief executive Lim Chee Kean explains why recruiting Singaporean engineers is an uphill task for small and medium enterprises, while mechanical engineering undergraduate Siang Xuan Yu shares why he is not confining his career options to what he studied in school. Accounting veteran Gerard Ee also talks about the leakage of professionals in the field who venture into other areas, such as entrepreneurship, and how smaller firms can woo accountants.
What are your thoughts?
- wong chee tat :)
Wednesday, April 27, 2016
Singapore's slow economic growth environment expected to continue: MAS
While the US is still expected to grow at a modest pace, Singapore may not be able to fully capitalise on it as most of US growth will be driven by domestic spending, said MAS.
By Patrick John Lim
Posted 27 Apr 2016 12:00 Updated 27 Apr 2016 15:04
SINGAPORE: The slow growth environment is expected to continue for Singapore's economy as cyclical factors put a dampener on economic growth, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).
The review contains MAS' analysis of macroeconomic developments affecting Singapore's economy.
Given a more modest pace of growth expected for Singapore's economy and core inflation, MAS moved to a neutral stance for its monetary policy, setting the rate of appreciation for the Singapore $NEER (nominal effective exchange rate) to zero.
In its review, MAS noted that softening growth among Singapore's key trading partners would affect externally-oriented industries. In particular, growth in capital formation is expected to be lower from the G3 economies which would affect trade-related sectors such as precision engineering.
The report also noted that US growth slackened towards the end of last year on the back of a moderation in personal consumption and weaker exports. While the US is still expected to grow at a modest pace, Singapore may not be able to fully capitalise on it as most of US growth will be driven by domestic spending.
Meanwhile, India could be a bright spot amid the tepid growth outlook, driven by private consumption and public infrastructure spending.
On the national scene, while domestic-facing sectors are expected to generally be more resilient, the central bank observed economic activity weakening among corporates, which saw more firms undertake consolidation activities last year. This included slower business loans growth and an uptick in redundancies.
However, it added that the corporate adjustments appear to be less severe compared to past periods of outright recession, and seems to be confined to specific pockets of industries.
Looking ahead, MAS said the long-term prospects for regional services trade still look bright, as the ongoing rebalancing of China towards a more consumption-based economy is expected to fuel demand for imported services. In its review, MAS highlighted opportunities for service firms in the areas of transport and communications as well as healthcare and medical.
- CNA/ek
- wong chee tat :)
While the US is still expected to grow at a modest pace, Singapore may not be able to fully capitalise on it as most of US growth will be driven by domestic spending, said MAS.
By Patrick John Lim
Posted 27 Apr 2016 12:00 Updated 27 Apr 2016 15:04
SINGAPORE: The slow growth environment is expected to continue for Singapore's economy as cyclical factors put a dampener on economic growth, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).
The review contains MAS' analysis of macroeconomic developments affecting Singapore's economy.
Given a more modest pace of growth expected for Singapore's economy and core inflation, MAS moved to a neutral stance for its monetary policy, setting the rate of appreciation for the Singapore $NEER (nominal effective exchange rate) to zero.
In its review, MAS noted that softening growth among Singapore's key trading partners would affect externally-oriented industries. In particular, growth in capital formation is expected to be lower from the G3 economies which would affect trade-related sectors such as precision engineering.
The report also noted that US growth slackened towards the end of last year on the back of a moderation in personal consumption and weaker exports. While the US is still expected to grow at a modest pace, Singapore may not be able to fully capitalise on it as most of US growth will be driven by domestic spending.
Meanwhile, India could be a bright spot amid the tepid growth outlook, driven by private consumption and public infrastructure spending.
On the national scene, while domestic-facing sectors are expected to generally be more resilient, the central bank observed economic activity weakening among corporates, which saw more firms undertake consolidation activities last year. This included slower business loans growth and an uptick in redundancies.
However, it added that the corporate adjustments appear to be less severe compared to past periods of outright recession, and seems to be confined to specific pockets of industries.
Looking ahead, MAS said the long-term prospects for regional services trade still look bright, as the ongoing rebalancing of China towards a more consumption-based economy is expected to fuel demand for imported services. In its review, MAS highlighted opportunities for service firms in the areas of transport and communications as well as healthcare and medical.
- CNA/ek
- wong chee tat :)
Expect lower wage growth in 2016: MAS
Expect lower wage growth in 2016: MAS
Wage growth will likely moderate and jobless numbers are expected to rise this year, the Monetary Authority of Singapore said in its biannual macroeconomic review on Wednesday.
Posted 27 Apr 2016 13:11
SINGAPORE: Wage growth will likely moderate in 2016 amid tepid employment demand and reduced tightness in Singapore’s labour market, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).
“With lower labour demand and supply, total job creation this year is expected to stay modest. As such, overall and resident unemployment rates are likely to rise slightly in 2016 alongside the weak cyclical conditions, intensifying industry reconfigurations in some sectors, as well as increasing skills mismatches within the resident workforce,” the MAS said, adding that redundancies could continue to rise in sectors buffeted by weak external demand and restructuring efforts.
As such, the overall resident wage growth is forecast to “moderate to about 2.5 to 3.0 per cent, from 3.5 per cent in 2015”.
However, salary increments will vary according to sectors.
In industries such as the community, social and personal (CSP) services sector where vacancy rates are higher, employees are likely to see higher increments, while those in sectors with greater slack, such as manufacturing, may see weaker wage increments.
“Both labour demand and supply in the economy are settling at permanently lower levels, in line with the moderation in Singapore’s trend gross domestic product (GDP) growth and ageing population,” the MAS report said.
The central bank added: “Alongside the fall in labour demand, there has been a reduction in foreign labour supply growth amid the tightening of foreign worker policies. Meanwhile, the supply of resident workers grew at a fairly stable pace, despite an increase in the entry of part-time workers into the workforce. Going forward, structural headwinds and demographic ageing could intensify and further moderate the trend component of employment growth.”
In the near term, labour demand will continue to hinge heavily on cyclical conditions and is expected to remain subdued, the MAS said.
Latest results from the ManpowerGroup employment outlook survey showed the proportion of employers expecting to expand headcount falling to 10 per cent in the second quarter of 2016, from 14 per cent a year earlier.
- CNA/sk
- wong chee tat ):
Wage growth will likely moderate and jobless numbers are expected to rise this year, the Monetary Authority of Singapore said in its biannual macroeconomic review on Wednesday.
Posted 27 Apr 2016 13:11
SINGAPORE: Wage growth will likely moderate in 2016 amid tepid employment demand and reduced tightness in Singapore’s labour market, the Monetary Authority of Singapore (MAS) said in its biannual macroeconomic review on Wednesday (Apr 27).
“With lower labour demand and supply, total job creation this year is expected to stay modest. As such, overall and resident unemployment rates are likely to rise slightly in 2016 alongside the weak cyclical conditions, intensifying industry reconfigurations in some sectors, as well as increasing skills mismatches within the resident workforce,” the MAS said, adding that redundancies could continue to rise in sectors buffeted by weak external demand and restructuring efforts.
As such, the overall resident wage growth is forecast to “moderate to about 2.5 to 3.0 per cent, from 3.5 per cent in 2015”.
However, salary increments will vary according to sectors.
In industries such as the community, social and personal (CSP) services sector where vacancy rates are higher, employees are likely to see higher increments, while those in sectors with greater slack, such as manufacturing, may see weaker wage increments.
“Both labour demand and supply in the economy are settling at permanently lower levels, in line with the moderation in Singapore’s trend gross domestic product (GDP) growth and ageing population,” the MAS report said.
The central bank added: “Alongside the fall in labour demand, there has been a reduction in foreign labour supply growth amid the tightening of foreign worker policies. Meanwhile, the supply of resident workers grew at a fairly stable pace, despite an increase in the entry of part-time workers into the workforce. Going forward, structural headwinds and demographic ageing could intensify and further moderate the trend component of employment growth.”
In the near term, labour demand will continue to hinge heavily on cyclical conditions and is expected to remain subdued, the MAS said.
Latest results from the ManpowerGroup employment outlook survey showed the proportion of employers expecting to expand headcount falling to 10 per cent in the second quarter of 2016, from 14 per cent a year earlier.
- CNA/sk
- wong chee tat ):
Sunday, March 13, 2016
ANZ exits SME business in five Asian countries, cuts around 100 jobs
ANZ exits SME business in five Asian countries, cuts around 100 jobs
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman said.
Posted 10 Mar 2016 19:36 Updated 10 Mar 2016 19:40
PHOTOS
SINGAPORE: Australia and New Zealand Banking Group (ANZ) has closed its business lending to small and mid-sized enterprises (SMEs) in five Asian countries, cutting around 100 jobs, in a sign its new chief executive is slimming presence in the region.
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman told Reuters.
In Singapore, ANZ has more than 2,000 employees and a Qualifying Full Bank license, which allows it to offer a wide range of services to consumers. A company spokesman told Channel NewsAsia that the move was part of the bank's focus on improving returns in Asia by focusing on their institutional business.
ANZ is alone among Australia's major four banks to have made a big push in Asia. CEO Shayne Elliott has shifted focused to areas where growth is faster and returns are particularly attractive.
The bank is "not generally targeting the smaller end of town anymore," one of the people told Reuters.
"There is much more focus on account planning and strategy, making sure that the client mixes the bank has got are right and that the bank has enough tentacles of products being sold to those clients."
It was not clear how big the SME unit was nor how big its revenue contribution was to the overall business.
Two of the people said they expected more change to come, particularly at the bank's markets division which the Australian regulator has taken to court for suspected market manipulation. ANZ said it would vigorously defend itself.
Already under consideration is the sale of minority stakes in banks in Indonesia, Malaysia and China, for which Elliott has put Deputy Chief Executive Graham Hodges in charge.
As part of this retreat, the bank has been trying to sell its 39 per cent stake in PT Bank Pan Indonesia Tbk (Panin) , Reuters previously reported.
It has also made a slew of announcements over recent months including a management shake-up that involved the exit of Andrew Geczy, who headed the international and institutional business.
Earlier this month, ANZ said it would break up its global wealth division to focus on improving returns and capital efficiency in insurance and superannuation.
- REUTERS/CNA/av
- wong chee tat :)
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman said.
Posted 10 Mar 2016 19:36 Updated 10 Mar 2016 19:40
PHOTOS
SINGAPORE: Australia and New Zealand Banking Group (ANZ) has closed its business lending to small and mid-sized enterprises (SMEs) in five Asian countries, cutting around 100 jobs, in a sign its new chief executive is slimming presence in the region.
ANZ has exited what it dubs its "emerging corporate" business in Singapore, Vietnam, Hong Kong, Indonesia and Taiwan, the bank's Melbourne-based spokesman told Reuters.
In Singapore, ANZ has more than 2,000 employees and a Qualifying Full Bank license, which allows it to offer a wide range of services to consumers. A company spokesman told Channel NewsAsia that the move was part of the bank's focus on improving returns in Asia by focusing on their institutional business.
ANZ is alone among Australia's major four banks to have made a big push in Asia. CEO Shayne Elliott has shifted focused to areas where growth is faster and returns are particularly attractive.
The bank is "not generally targeting the smaller end of town anymore," one of the people told Reuters.
"There is much more focus on account planning and strategy, making sure that the client mixes the bank has got are right and that the bank has enough tentacles of products being sold to those clients."
It was not clear how big the SME unit was nor how big its revenue contribution was to the overall business.
Two of the people said they expected more change to come, particularly at the bank's markets division which the Australian regulator has taken to court for suspected market manipulation. ANZ said it would vigorously defend itself.
Already under consideration is the sale of minority stakes in banks in Indonesia, Malaysia and China, for which Elliott has put Deputy Chief Executive Graham Hodges in charge.
As part of this retreat, the bank has been trying to sell its 39 per cent stake in PT Bank Pan Indonesia Tbk (Panin) , Reuters previously reported.
It has also made a slew of announcements over recent months including a management shake-up that involved the exit of Andrew Geczy, who headed the international and institutional business.
Earlier this month, ANZ said it would break up its global wealth division to focus on improving returns and capital efficiency in insurance and superannuation.
- REUTERS/CNA/av
- wong chee tat :)
Tuesday, December 29, 2015
Bank jobs in Singapore under pressure
Bank jobs in Singapore under pressure
Banks are seeing their margins squeezed by a weak macroeconomy and some like Barclays and Standard Chartered have initiated job cuts globally. Singapore, being a key financial centre in Asia, is not immune to these layoffs.
By Linette Lim
Posted 28 Dec 2015 17:41 Updated 28 Dec 2015 23:28
SINGAPORE: The financial sector is a key source of jobs in Singapore, employing more than 200,000 people as of September, according to data from the Ministry of Manpower (MOM). It also contributes to more than 12 per cent of the gross domestic product (GDP).
While latest MOM statistics have showed that there is still overall job growth in the sector - with 2,600 jobs added in the third quarter - some areas, from support functions to equities-related and investment banking roles, have come under pressure.
Global banks are seeing their margins squeezed by a weak macroeconomy and higher costs arising from tighter regulatory oversight. Additionally, across the sector worldwide, nearly 100,000 banking jobs were estimated to have been cut in 2015, according to an estimate by the Financial Times.
Major banks like Standard Chartered, Barclays, and Deutsche Bank have initiated job cuts globally and as Singapore is a key financial centre in Asia, it is not immune from these layoffs.
"We have seen a lot of offshoring happening, not just this year, but in 2014 as well," said Robert Walters Southeast Asia's managing director, Mr Toby Fowlston. "We've seen areas like product control downsize in a number of banking businesses, and also some of the back-office functions as well, where we've seen that shipped to cheaper cost locations."
But the concern is more than just over jobs being moved to lower-cost jurisdictions. Trading and deal-making is drying up amid a more uncertain macro environment and this is threatening equities-related and investment banking jobs. At the same time, new business models are disrupting traditional banking - a point underscored by Prime Minister Lee Hsien Loong in a speech last month.
"Digitisation, fintech - those are challenges to the traditional bank model," said Mr Ho Kok Yong, Financial Services Industry leader at Deloitte Singapore. "I think with digitisation, online banking, there's even greater reason for banks to actually cut headcount. So I would say that in the next one or two years, we will see a lot of this happening.
On the other hand, there are areas that will be in need of headcount, with vacancies exceeding the number of applicants.
Said Adecco Singapore's country manager Femke Hellemons: "The increasing emphasis on corporate governance, risk management, also drives the demand for compliance, risk management, and operations professionals. At the same time, we see a strong demand for IT finance engineers, and also relationship managers, as banks are looking to market customised solutions for their corporate clients."
As banks reorganise their business to cope with a changing business environment, recruitment consultancies have said they see hiring managers in banks here adopt a wait-and-see approach. According to Robert Walters, this has given rise to a greater use of contracting, with staff coming in on six- to 12-month fixed term contracts.
- CNA/hs
- wong chee tat :)
Banks are seeing their margins squeezed by a weak macroeconomy and some like Barclays and Standard Chartered have initiated job cuts globally. Singapore, being a key financial centre in Asia, is not immune to these layoffs.
By Linette Lim
Posted 28 Dec 2015 17:41 Updated 28 Dec 2015 23:28
SINGAPORE: The financial sector is a key source of jobs in Singapore, employing more than 200,000 people as of September, according to data from the Ministry of Manpower (MOM). It also contributes to more than 12 per cent of the gross domestic product (GDP).
While latest MOM statistics have showed that there is still overall job growth in the sector - with 2,600 jobs added in the third quarter - some areas, from support functions to equities-related and investment banking roles, have come under pressure.
Global banks are seeing their margins squeezed by a weak macroeconomy and higher costs arising from tighter regulatory oversight. Additionally, across the sector worldwide, nearly 100,000 banking jobs were estimated to have been cut in 2015, according to an estimate by the Financial Times.
Major banks like Standard Chartered, Barclays, and Deutsche Bank have initiated job cuts globally and as Singapore is a key financial centre in Asia, it is not immune from these layoffs.
"We have seen a lot of offshoring happening, not just this year, but in 2014 as well," said Robert Walters Southeast Asia's managing director, Mr Toby Fowlston. "We've seen areas like product control downsize in a number of banking businesses, and also some of the back-office functions as well, where we've seen that shipped to cheaper cost locations."
But the concern is more than just over jobs being moved to lower-cost jurisdictions. Trading and deal-making is drying up amid a more uncertain macro environment and this is threatening equities-related and investment banking jobs. At the same time, new business models are disrupting traditional banking - a point underscored by Prime Minister Lee Hsien Loong in a speech last month.
"Digitisation, fintech - those are challenges to the traditional bank model," said Mr Ho Kok Yong, Financial Services Industry leader at Deloitte Singapore. "I think with digitisation, online banking, there's even greater reason for banks to actually cut headcount. So I would say that in the next one or two years, we will see a lot of this happening.
On the other hand, there are areas that will be in need of headcount, with vacancies exceeding the number of applicants.
Said Adecco Singapore's country manager Femke Hellemons: "The increasing emphasis on corporate governance, risk management, also drives the demand for compliance, risk management, and operations professionals. At the same time, we see a strong demand for IT finance engineers, and also relationship managers, as banks are looking to market customised solutions for their corporate clients."
As banks reorganise their business to cope with a changing business environment, recruitment consultancies have said they see hiring managers in banks here adopt a wait-and-see approach. According to Robert Walters, this has given rise to a greater use of contracting, with staff coming in on six- to 12-month fixed term contracts.
- CNA/hs
- wong chee tat :)
Monday, November 30, 2015
Private schools face falling enrolment, tough market conditions
Private schools face falling enrolment, tough market conditions
Staying relevant to the job market is key to ensure private schools' survival, say operators.
By Faris Mokhtar
POSTED: 30 Nov 2015 19:55
SINGAPORE: The number of private schools in Singapore has fallen since 2011, and at least six more are set to close, according to statistics from the Council for Private Education.
To tackle falling enrolment and harsher market conditions, operators have said staying relevant to the job market is key.
In total, 14 schools have ceased operations as of November this year, and six more are in the process of shutting down. The number of private schools has also dwindled, from 338 in 2011 to 312 in 2014.
One of them is SAE Creative Media Institute, which offers diploma and degree courses such as digital film production and audio engineering. It will shut its doors by next October. The school, which has been operating for over two decades, cited rising costs and falling demand.
Private schools have said the landscape now is more competitive. Market forces, such as the strong Singapore dollar, could deter foreign students from studying at the schools, and this is coupled with growing competition from local public institutions.
The Council for Private Education, which regulates the sector, said the number of students at private schools have dipped by 8 per cent, from about 163,000 in 2013 to just under 150,000 last year. To tackle this, schools said their courses must stay relevant to the job market.
“What we have been hearing from the industries and employers is that they are short of talents,” said Dr Lee Kwok Cheong, president of the Singapore Association for Private Education (SAPE) and chief executive of SIM Global Education. “So, there is demand for well-trained people. We need to find the right programme and beyond the classroom training, we must be able to link up with the industry for internships and more industry-oriented real-life projects.”
Among the schools that are doing this is Kaplan Singapore, which has more than 25,000 students. It said it has engaged the various sectors to learn about the skills required in the job market, and to link up opportunities for its students.
Mr Leon Choong, president of Kaplan Singapore, explained: "There’s a huge shortage within law firms for qualified paralegals who are able to help them in the course of their work. So, what we do is offer a diploma in paralegal studies that provides people with the opportunities to function within the legal firm, and law firms are happy because this is an identified shortage that they’ve been training in house for years. And now we have a ready batch of students for them to take on as interns as well as qualified employees.”
For smaller schools, operators said it is better for them to focus on niche curricula.
First Media Design School has been in operation for close to a decade, and it currently has more than 100 students. The school, which provides degree and diploma courses in graphic and fashion design, is banking on its idea of "designpreneurship" to set itself apart. This means teaching students to navigate the business aspect of their profession, like how to pitch projects to clients.
“I used to think that education is a recession-proof business, but it’s not. It does dampen our spirits sometimes, especially the closure of smaller schools. I see this as the survival of the fittest,” said Mr Mark Phooi, founder and principal of First Media Design School. “I see only two types of schools will survive - the supermarket style where they produce or roll out a string of programmes and the niche ones like us.
“I think primarily, if we don’t have the particular credentials in certain areas of teaching, I think the market is savvy enough to pick that out,” he added. “So, to a certain extent I think people are looking at specialisations as being key to their own career development. It is important for small players like us and for the rest of them to have a certain niche.”
But operators have said diversity is still crucial.
Said Dr Lee: “If we only have one or two providers, we are going to be in trouble. So, it's really having different players, each is strong and good in his own way, and the students have sufficient information to make the right choice. I think that should be the future of the private education landscape.”
Dr Lee also said schools need to continue to invest in technology and other resources to deliver quality education.
- CNA/xq
- wong chee tat :)
Staying relevant to the job market is key to ensure private schools' survival, say operators.
By Faris Mokhtar
POSTED: 30 Nov 2015 19:55
SINGAPORE: The number of private schools in Singapore has fallen since 2011, and at least six more are set to close, according to statistics from the Council for Private Education.
To tackle falling enrolment and harsher market conditions, operators have said staying relevant to the job market is key.
In total, 14 schools have ceased operations as of November this year, and six more are in the process of shutting down. The number of private schools has also dwindled, from 338 in 2011 to 312 in 2014.
One of them is SAE Creative Media Institute, which offers diploma and degree courses such as digital film production and audio engineering. It will shut its doors by next October. The school, which has been operating for over two decades, cited rising costs and falling demand.
Private schools have said the landscape now is more competitive. Market forces, such as the strong Singapore dollar, could deter foreign students from studying at the schools, and this is coupled with growing competition from local public institutions.
The Council for Private Education, which regulates the sector, said the number of students at private schools have dipped by 8 per cent, from about 163,000 in 2013 to just under 150,000 last year. To tackle this, schools said their courses must stay relevant to the job market.
“What we have been hearing from the industries and employers is that they are short of talents,” said Dr Lee Kwok Cheong, president of the Singapore Association for Private Education (SAPE) and chief executive of SIM Global Education. “So, there is demand for well-trained people. We need to find the right programme and beyond the classroom training, we must be able to link up with the industry for internships and more industry-oriented real-life projects.”
Among the schools that are doing this is Kaplan Singapore, which has more than 25,000 students. It said it has engaged the various sectors to learn about the skills required in the job market, and to link up opportunities for its students.
Mr Leon Choong, president of Kaplan Singapore, explained: "There’s a huge shortage within law firms for qualified paralegals who are able to help them in the course of their work. So, what we do is offer a diploma in paralegal studies that provides people with the opportunities to function within the legal firm, and law firms are happy because this is an identified shortage that they’ve been training in house for years. And now we have a ready batch of students for them to take on as interns as well as qualified employees.”
For smaller schools, operators said it is better for them to focus on niche curricula.
First Media Design School has been in operation for close to a decade, and it currently has more than 100 students. The school, which provides degree and diploma courses in graphic and fashion design, is banking on its idea of "designpreneurship" to set itself apart. This means teaching students to navigate the business aspect of their profession, like how to pitch projects to clients.
“I used to think that education is a recession-proof business, but it’s not. It does dampen our spirits sometimes, especially the closure of smaller schools. I see this as the survival of the fittest,” said Mr Mark Phooi, founder and principal of First Media Design School. “I see only two types of schools will survive - the supermarket style where they produce or roll out a string of programmes and the niche ones like us.
“I think primarily, if we don’t have the particular credentials in certain areas of teaching, I think the market is savvy enough to pick that out,” he added. “So, to a certain extent I think people are looking at specialisations as being key to their own career development. It is important for small players like us and for the rest of them to have a certain niche.”
But operators have said diversity is still crucial.
Said Dr Lee: “If we only have one or two providers, we are going to be in trouble. So, it's really having different players, each is strong and good in his own way, and the students have sufficient information to make the right choice. I think that should be the future of the private education landscape.”
Dr Lee also said schools need to continue to invest in technology and other resources to deliver quality education.
- CNA/xq
- wong chee tat :)
Sunday, November 22, 2015
MORE PEOPLE IN CREDIT CARD DEBT
MORE PEOPLE IN CREDIT CARD DEBT
ACCORDING TO THE CREDIT BUREAU SINGAPORE, THE TOTAL NUMBER OF DELINQUENT DEBTORS HIT MORE THAN 101,490 THIS YEAR
Nov 22, 2015 6:00am
BY SEOW YUN RONG
He had a good job that paid him $7,500 a month but the way he used his credit cards, you would think he earned a lot more.
The debts snowballed and before Mr Toh knew it, he owed $103,000 to the banks.
His story is typical of many who have been caught up in a credit card debt situation which has spiralled out of control.
In 2011, the total number of delinquent debtors was just over 73,000.
These are people who pay nothing or less than the minimum sum on their credit card debts.
According to the Credit Bureau Singapore, it has hit more than 101,493 this year.
It is the same story with revolving debtors who roll their credit card debts by covering at least the minimum sum.
More people are also turning to debt counsellors for help.
According to Credit Counselling Singapore (CCS), the biggest credit card debt this year is a whopping $1,552,000.
Mr Toh, too, had no choice but to pick up the phone when he realised he had lost all control.
As with everything, it started small.
The 39-year-old, who now works as a sales officer and part-time taxi driver, was a regional sales manager in 2005 and frequently travelled.
He carried several credit cards to cover his travelling expenses, which his employers reimbursed the following month.
Despite the reimbursement, he'd pay only the monthly minimum sum of $2,500 for his five credit cards for about three years.
He says: "I was earning quite a decent sum then, so I thought I could give my family a better life and pay back the following month."
But he lost track of how much he was spending and how much he could claim, he adds.
Besides paying his parents' medical bills of about $1,000 a month, he would also take his family of seven to restaurants and shopping malls twice a week. A night out typically cost $300.
QUIT JOB
It all went downhill after Mr Toh quit his job in 2012.
He then earned only about $3,500 as a part-time sales officer and taxi driver but the debts followed him.
He says: "At that time, I only thought of my family. I didn't have the motivation to pay more than the minimum sum for my debts."
He did not have enough left over to cover the $2,500 minimum payment each month.
Mr Toh took a bank loan of $10,000 to pay off his credit card debts, only to find out that it was not enough and that loan accumulated interest, too.
His credit card debt snowballed to $103,000 and his financial struggles contributed to his divorce in 2012.
Last year, he finally sought help from CCS.
He now follows the Debt Management Programme which will help him clear all his debt in the next three years.
He says he is thankful for the help from CCS. His sisters are also helping by paying for their parents' medical bills.
Mr Toh says: "Without the support from CCS and my family, I don't think I could ever finish paying my debt."
People who need help shouldn't wait, says Ms Tan Huey Min of CCS.
"People with a debt issue have to deal with it as soon as possible before it snowballs into a greater sum every month," she adds.
Debtors must be mindful of economy
Last month, Prime Minister Lee Hsien Loong warned that Singapore must brace itself for a possible downturn.
Ms Tan Huey Min of Credit Counselling Singapore (CCS) says debtors have to be mindful of the economy and how it will affect their income.
"Once they know that their income is affected, they have to take quick actions to solve the problem before it snowballs into a greater debt," she says.
She adds that while some people gamble their way into debt, the top reason for getting into credit card debt is overspending.
Here's how two individuals found themselves on the slippery slope of credit card debt.
SHOPPING
Mr Nor, 57, often used his credit cards when shopping in Malaysia and Indonesia.
Thinking that he was saving money because of the exchange rate, he used his credit cards to pay for almost everything.
He says: "It was so convenient to keep using my credit cards even in supermarkets."
Mr Nor was earning about $2,000 a month as an administrative officer and an extra $1,000 as a part-time driver.
In 2009, he lost his part-time job and had incurred a debt of about $60,000 from using four credit cards and from four bank loans.
Even though he paid the total minimum sum of $2,000 a month for four years, he still owed $60,000 in 2013 because of interest.
He says: "When the bank warned me about paying immediately, I was so afraid because if I didn't pay up, they said they would take me to court."
He has been on CCS' Debt Management Programme (DMP) for about two years now. In four years' time, he will be debt-free.
GAMBLING
By the time he hit rock bottom in 2012, regional product manager Lee, 44, had a debt of $550,000.
His problem was gambling. He said he would often take foreign visitors to the casinos here but eventually developed an interest in gaming himself.
He says: "The boredom I had after work eventually led to me gambling just for fun.
"As my bets got bigger and bigger, using the credit card became very convenient."
To pay off his credit card debts, he took up three bank loans but continued gambling while paying $1,000 to cover the minimum sum for the three cards he had.
He has been on the DMP for two years and has been paying his debt regularly since then.
Learn to manage your debt
A talk on debt management will be held today at Khoo Teck Puat Hospital.
Jointly organised by National Addictions Management Service, Khoo Teck Puat Hospital and North West Community Development Council, the talk is open to the public.
WHAT About National Addictions Awareness Day WHEN Today, 10am to 3pm WHERE Khoo Teck Puat Hospital
For more details, go to www.nams.sg/arc
BY THE NUMBERS
TOTAL NUMBER OF CREDIT CARD HOLDERS IN SINGAPORE
1,611,008
2015
1,388,828
2011
DEBTORS SEEKING HELP
3,308
2015
2,458
2014
1,838
2013
AVERAGE DEBT PER DEBTOR WHO SOUGHT HELP
$99,623.25
2015
$82,940.25
2013
DELINQUENT DEBTORS (PAYING NOTHING OR LESS THAN MINIMUM SUM)
101,493
2015
73,607
2011
REVOLVING DEBTORS (ROLLING DEBT BY COVERING ONLY MINIMUM SUM)
566,966
2015
510,687
2011
BIGGEST DEBT AMOUNT$1,552,000
2015
$1,281,042
2014
$1,707,657
2013
All figures are from Credit Bureau Singapore and Credit Counselling Singapore. Figures for this year are as of September.
Helplines
The Association of Banks in Singapore introduced the Repayment Assistance Scheme (RAS) this year to help borrowers reduce their credit card debt and other unsecured credit loans over time.
The RAS is administered by the Credit Counseling Singapore (CCS), which centralises repayment solutions.
To be eligible, your income must be less than $120,000 per annum and your outstanding unsecured debt must be greater than your annual income before June 1 this year.
RAS: 6996-6006
CCS: 6225-5227
National Addictions Management Service: 1800-6668-668
- wong chee tat :)
ACCORDING TO THE CREDIT BUREAU SINGAPORE, THE TOTAL NUMBER OF DELINQUENT DEBTORS HIT MORE THAN 101,490 THIS YEAR
Nov 22, 2015 6:00am
BY SEOW YUN RONG
He had a good job that paid him $7,500 a month but the way he used his credit cards, you would think he earned a lot more.
The debts snowballed and before Mr Toh knew it, he owed $103,000 to the banks.
His story is typical of many who have been caught up in a credit card debt situation which has spiralled out of control.
In 2011, the total number of delinquent debtors was just over 73,000.
These are people who pay nothing or less than the minimum sum on their credit card debts.
According to the Credit Bureau Singapore, it has hit more than 101,493 this year.
It is the same story with revolving debtors who roll their credit card debts by covering at least the minimum sum.
More people are also turning to debt counsellors for help.
According to Credit Counselling Singapore (CCS), the biggest credit card debt this year is a whopping $1,552,000.
Mr Toh, too, had no choice but to pick up the phone when he realised he had lost all control.
As with everything, it started small.
The 39-year-old, who now works as a sales officer and part-time taxi driver, was a regional sales manager in 2005 and frequently travelled.
He carried several credit cards to cover his travelling expenses, which his employers reimbursed the following month.
Despite the reimbursement, he'd pay only the monthly minimum sum of $2,500 for his five credit cards for about three years.
He says: "I was earning quite a decent sum then, so I thought I could give my family a better life and pay back the following month."
But he lost track of how much he was spending and how much he could claim, he adds.
Besides paying his parents' medical bills of about $1,000 a month, he would also take his family of seven to restaurants and shopping malls twice a week. A night out typically cost $300.
QUIT JOB
It all went downhill after Mr Toh quit his job in 2012.
He then earned only about $3,500 as a part-time sales officer and taxi driver but the debts followed him.
He says: "At that time, I only thought of my family. I didn't have the motivation to pay more than the minimum sum for my debts."
He did not have enough left over to cover the $2,500 minimum payment each month.
Mr Toh took a bank loan of $10,000 to pay off his credit card debts, only to find out that it was not enough and that loan accumulated interest, too.
His credit card debt snowballed to $103,000 and his financial struggles contributed to his divorce in 2012.
Last year, he finally sought help from CCS.
He now follows the Debt Management Programme which will help him clear all his debt in the next three years.
He says he is thankful for the help from CCS. His sisters are also helping by paying for their parents' medical bills.
Mr Toh says: "Without the support from CCS and my family, I don't think I could ever finish paying my debt."
People who need help shouldn't wait, says Ms Tan Huey Min of CCS.
"People with a debt issue have to deal with it as soon as possible before it snowballs into a greater sum every month," she adds.
Debtors must be mindful of economy
Last month, Prime Minister Lee Hsien Loong warned that Singapore must brace itself for a possible downturn.
Ms Tan Huey Min of Credit Counselling Singapore (CCS) says debtors have to be mindful of the economy and how it will affect their income.
"Once they know that their income is affected, they have to take quick actions to solve the problem before it snowballs into a greater debt," she says.
She adds that while some people gamble their way into debt, the top reason for getting into credit card debt is overspending.
Here's how two individuals found themselves on the slippery slope of credit card debt.
SHOPPING
Mr Nor, 57, often used his credit cards when shopping in Malaysia and Indonesia.
Thinking that he was saving money because of the exchange rate, he used his credit cards to pay for almost everything.
He says: "It was so convenient to keep using my credit cards even in supermarkets."
Mr Nor was earning about $2,000 a month as an administrative officer and an extra $1,000 as a part-time driver.
In 2009, he lost his part-time job and had incurred a debt of about $60,000 from using four credit cards and from four bank loans.
Even though he paid the total minimum sum of $2,000 a month for four years, he still owed $60,000 in 2013 because of interest.
He says: "When the bank warned me about paying immediately, I was so afraid because if I didn't pay up, they said they would take me to court."
He has been on CCS' Debt Management Programme (DMP) for about two years now. In four years' time, he will be debt-free.
GAMBLING
By the time he hit rock bottom in 2012, regional product manager Lee, 44, had a debt of $550,000.
His problem was gambling. He said he would often take foreign visitors to the casinos here but eventually developed an interest in gaming himself.
He says: "The boredom I had after work eventually led to me gambling just for fun.
"As my bets got bigger and bigger, using the credit card became very convenient."
To pay off his credit card debts, he took up three bank loans but continued gambling while paying $1,000 to cover the minimum sum for the three cards he had.
He has been on the DMP for two years and has been paying his debt regularly since then.
Learn to manage your debt
A talk on debt management will be held today at Khoo Teck Puat Hospital.
Jointly organised by National Addictions Management Service, Khoo Teck Puat Hospital and North West Community Development Council, the talk is open to the public.
WHAT About National Addictions Awareness Day WHEN Today, 10am to 3pm WHERE Khoo Teck Puat Hospital
For more details, go to www.nams.sg/arc
BY THE NUMBERS
TOTAL NUMBER OF CREDIT CARD HOLDERS IN SINGAPORE
1,611,008
2015
1,388,828
2011
DEBTORS SEEKING HELP
3,308
2015
2,458
2014
1,838
2013
AVERAGE DEBT PER DEBTOR WHO SOUGHT HELP
$99,623.25
2015
$82,940.25
2013
DELINQUENT DEBTORS (PAYING NOTHING OR LESS THAN MINIMUM SUM)
101,493
2015
73,607
2011
REVOLVING DEBTORS (ROLLING DEBT BY COVERING ONLY MINIMUM SUM)
566,966
2015
510,687
2011
BIGGEST DEBT AMOUNT$1,552,000
2015
$1,281,042
2014
$1,707,657
2013
All figures are from Credit Bureau Singapore and Credit Counselling Singapore. Figures for this year are as of September.
Helplines
The Association of Banks in Singapore introduced the Repayment Assistance Scheme (RAS) this year to help borrowers reduce their credit card debt and other unsecured credit loans over time.
The RAS is administered by the Credit Counseling Singapore (CCS), which centralises repayment solutions.
To be eligible, your income must be less than $120,000 per annum and your outstanding unsecured debt must be greater than your annual income before June 1 this year.
RAS: 6996-6006
CCS: 6225-5227
National Addictions Management Service: 1800-6668-668
- wong chee tat :)
Saturday, November 7, 2015
Standard Chartered job cuts to hit Singapore: Source
Standard Chartered job cuts to hit Singapore: Source
Technology and Operations is an area in Singapore targeted for job cuts, according to a source close to Standard Chartered.
POSTED: 06 Nov 2015 23:45
SINGAPORE: Following Standard Chartered’s announcement that it will axe 15,000 jobs globally, the bank has declined to reveal how many of these job losses will come from Singapore.
However, recent high-profile departures are said to include the bank's global head of FX research Callum Henderson and global head of aviation finance Simon Perkins.
A source familiar with the Asia-focused British lender told Channel NewsAsia on condition of anonymity that Technology and Operations is an area in Singapore targeted for cuts.
When contacted by Channel NewsAsia on Friday (Nov 6), a StanChart spokesperson said a large number of the total headcount reductions will be through attrition. The spokesperson said the bank was unable to provide further details at this point in time.
Standard Chartered currently employs around 7,000 people in Singapore.
The bank on Tuesday said it will cut 15,000 of 86,000 jobs around the world, meaning that nearly one in five employees will lose their jobs.
- CNA/xq
- wong chee tat :)
Technology and Operations is an area in Singapore targeted for job cuts, according to a source close to Standard Chartered.
POSTED: 06 Nov 2015 23:45
SINGAPORE: Following Standard Chartered’s announcement that it will axe 15,000 jobs globally, the bank has declined to reveal how many of these job losses will come from Singapore.
However, recent high-profile departures are said to include the bank's global head of FX research Callum Henderson and global head of aviation finance Simon Perkins.
A source familiar with the Asia-focused British lender told Channel NewsAsia on condition of anonymity that Technology and Operations is an area in Singapore targeted for cuts.
When contacted by Channel NewsAsia on Friday (Nov 6), a StanChart spokesperson said a large number of the total headcount reductions will be through attrition. The spokesperson said the bank was unable to provide further details at this point in time.
Standard Chartered currently employs around 7,000 people in Singapore.
The bank on Tuesday said it will cut 15,000 of 86,000 jobs around the world, meaning that nearly one in five employees will lose their jobs.
- CNA/xq
- wong chee tat :)
Thursday, November 5, 2015
Gloom at StanChart S’pore as bank announced 15,000 job cuts globally
Gloom at StanChart S’pore as bank announced 15,000 job cuts globally
TODAY reports: Several StanChart employees said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
By Rumi Hardasmalani, TODAY
POSTED: 04 Nov 2015 09:39
SINGAPORE: The mood is sombre at Standard Chartered’s Singapore offices after the Asia-focused British lender announced on Tuesday (Nov 3) plans to cut 15,000 jobs from its 86,000 global workforce by 2018, while seeking to raise more than US$5 billion (S$7 billion) in new capital.
StanChart Singapore, which employs about 7,000 people and appointed Canadian Judy Hsu as its new CEO as recently as September, declined to comment on the number of jobs that will be cut here.
However, it did say that the bank has substantially completed 1,000 senior staff exits globally, while other positions will be whittled down through attrition.
Several of the bank’s employees, who TODAY spoke to on condition of anonymity, reflected the uncertainty that looms large over their future.
They said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
“We are indeed distracted and confused about what we should do next. We are certainly not in a position to negotiate better salaries with other potential employers. The uncertainty is quite scary. We are neither in a position to pick up nor refuse the not-so-attractive job offers in our hands,” said a senior-level StanChart Singapore staffer.
Another senior-level bank employee also noted the gloomy sentiment, but added: “The positive thing is that we are getting regular strategy updates from the CEO’s office these days.”
The senior-level and front-office employees are at a higher risk of being retrenched, with surplus talent in these segments of the market, recruiters told TODAY.
However, those in business-critical roles such as revenue-generation as well as risk-related, compliance and internal audit positions are relatively safe and are not likely to face the axe, they said.
“Even companies that are cutting costs would prioritise hires for these job functions,” said Ms Lynne Roeder, managing director of leading headhunter Hays Singapore.
Besides the global job cuts, London-based StanChart is also raising US$5.1 billion through a two-for-seven rights issue.
The rights shares will be priced at £4.65 (S$10.02) each, or a 35 per cent discount from the last traded price in London.
Singapore investment company Temasek Holdings, StanChart’s largest shareholder with a 15.8 per cent stake, will take up its full allocation.
“We are confirming our participation in the rights issue in proportion to our current holding in the bank,” Mr Stephen Forshaw, managing director Strategic & Public Affairs at Temasek, said in an email response.
According to StanChart, the capital raising is aimed at financing a planned US$3 billion investment over three years into strategic opportunities, technology and upgrading regulatory and compliance systems, besides strengthening balance sheets.
The latest revamp comes as StanChart reported a third-quarter operating loss of US$139 million, swinging from a US$1.5 billion profit in the previous corresponding period, owing to growing regulatory costs and rising loan impairments in India.
The bank said on Monday it targeted savings of US$2.9 billion by 2018 and will restructure or exit US$100 billion of risk-weighted assets after its expansion strategy in emerging markets such as India had backfired, leaving the bank saddled with huge debts.
China’s growth slowdown and sagging global commodity prices had also weighed on the bank’s performance.
StanChart CEO Bill Winters, who took the helm in June, said on Teusday: “The business environment in our markets remains challenging and our recent performance is disappointing. We will execute as quickly as possible to get through this transition phase. These actions will result in a lean, focused and well-capitalised bank, poised for growth.”
After the restructuring and earnings news, StanChart shares plunged 8.9 per cent to 649.80 pence at noon today in London.
- wong chee tat ):
TODAY reports: Several StanChart employees said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
By Rumi Hardasmalani, TODAY
POSTED: 04 Nov 2015 09:39
SINGAPORE: The mood is sombre at Standard Chartered’s Singapore offices after the Asia-focused British lender announced on Tuesday (Nov 3) plans to cut 15,000 jobs from its 86,000 global workforce by 2018, while seeking to raise more than US$5 billion (S$7 billion) in new capital.
StanChart Singapore, which employs about 7,000 people and appointed Canadian Judy Hsu as its new CEO as recently as September, declined to comment on the number of jobs that will be cut here.
However, it did say that the bank has substantially completed 1,000 senior staff exits globally, while other positions will be whittled down through attrition.
Several of the bank’s employees, who TODAY spoke to on condition of anonymity, reflected the uncertainty that looms large over their future.
They said they were not so much shocked - as the job cuts have been in the offing for a while now - but they remained in an immense state of stress.
“We are indeed distracted and confused about what we should do next. We are certainly not in a position to negotiate better salaries with other potential employers. The uncertainty is quite scary. We are neither in a position to pick up nor refuse the not-so-attractive job offers in our hands,” said a senior-level StanChart Singapore staffer.
Another senior-level bank employee also noted the gloomy sentiment, but added: “The positive thing is that we are getting regular strategy updates from the CEO’s office these days.”
The senior-level and front-office employees are at a higher risk of being retrenched, with surplus talent in these segments of the market, recruiters told TODAY.
However, those in business-critical roles such as revenue-generation as well as risk-related, compliance and internal audit positions are relatively safe and are not likely to face the axe, they said.
“Even companies that are cutting costs would prioritise hires for these job functions,” said Ms Lynne Roeder, managing director of leading headhunter Hays Singapore.
Besides the global job cuts, London-based StanChart is also raising US$5.1 billion through a two-for-seven rights issue.
The rights shares will be priced at £4.65 (S$10.02) each, or a 35 per cent discount from the last traded price in London.
Singapore investment company Temasek Holdings, StanChart’s largest shareholder with a 15.8 per cent stake, will take up its full allocation.
“We are confirming our participation in the rights issue in proportion to our current holding in the bank,” Mr Stephen Forshaw, managing director Strategic & Public Affairs at Temasek, said in an email response.
According to StanChart, the capital raising is aimed at financing a planned US$3 billion investment over three years into strategic opportunities, technology and upgrading regulatory and compliance systems, besides strengthening balance sheets.
The latest revamp comes as StanChart reported a third-quarter operating loss of US$139 million, swinging from a US$1.5 billion profit in the previous corresponding period, owing to growing regulatory costs and rising loan impairments in India.
The bank said on Monday it targeted savings of US$2.9 billion by 2018 and will restructure or exit US$100 billion of risk-weighted assets after its expansion strategy in emerging markets such as India had backfired, leaving the bank saddled with huge debts.
China’s growth slowdown and sagging global commodity prices had also weighed on the bank’s performance.
StanChart CEO Bill Winters, who took the helm in June, said on Teusday: “The business environment in our markets remains challenging and our recent performance is disappointing. We will execute as quickly as possible to get through this transition phase. These actions will result in a lean, focused and well-capitalised bank, poised for growth.”
After the restructuring and earnings news, StanChart shares plunged 8.9 per cent to 649.80 pence at noon today in London.
- wong chee tat ):
Tuesday, November 3, 2015
Standard Chartered axes 15,000 jobs, announces US$5.1b capital raise
Standard Chartered axes 15,000 jobs, announces US$5.1b capital raise
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said.
POSTED: 03 Nov 2015 16:52 UPDATED: 03 Nov 2015 23:39
HONG KONG: Asia-focused British bank Standard Chartered said on Tuesday (Nov 3) it would axe 15,000 jobs and raise US$5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said. A Standard Chartered spokeswoman said she could not give any further details of the job cuts.
When contacted, a spokesperson from StanChart Singapore declined to say if the job cuts would affect Singapore operations.
More than half of the restructuring costs would come from potential losses on liquidating assets and businesses, the bank said in a statement.
The remaining charges would be from "potential redundancy costs" of a planned headcount reduction of 15,000, as well as goodwill write-downs, it added.
The bank reported an unexpected pre-tax quarterly loss of US$139 million compared with a US$1.53 billion profit a year earlier, in a performance described as "disappointing" by group chief executive Bill Winters.
Revenue was down 18.4 per cent to US$3.68 billion and impairment losses increased from US$536 million to US$1.23 billion for the quarter.
Shares in the bank plunged as much as 6.2 per cent on the Hong Kong stock exchange in the wake of the results and closed down nearly 3 per cent - its stock value has fallen around 30 per cent in the past year.
"I know a lot of people losing their jobs is not good, (but) from a business point of view, that's what they have to do," Hong Kong-based financial analyst Jackson Wong told AFP.
Wong said loan losses were the main reason the bank swung to a pre-tax loss, adding that it needed to "control costs and try to remodel (its) business".
RIGHTS ISSUE
Standard Chartered announced a plan to raise US$5.1 billion in capital through a rights issue, and a strategic review that raised its cost-cutting target to US$2.9 billion between 2015 and 2018.
It added it was refocusing on "affluent retail clients" rather than corporate and institutional banking businesses and would exit or restructure US$100 billion of assets.
"The business environment in our markets remains challenging and our recent performance is disappointing," Winters said in a statement filed to the Hong Kong bourse.
"The plans we have outlined today significantly reallocate resources to change fundamentally the mix of the group towards more profitable and less capital-intensive business," Winters said in a separate statement detailing the strategic plan.
Winters, former co-head of JP Morgan, took the reins from Peter Sands in June after shareholder calls for a boardroom cull following profit warnings.
The bank said in January it would axe 2,000 jobs around the world in 2015 in an attempt to make savings of US$400 million in a structural overhaul.
It had already shed 2,000 jobs in the three months before January.
Standard Chartered saw its profits plunge in the first half of this year, with net profit slumping 36.7 per cent in the six months to June compared to the period in 2014.
Bosses at the bank gave up their bonuses after profits fell by more than a third in 2014, sliding 37 per cent to US$2.51 billion.
- AFP/CNA/ec
- wong chee tat :)
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said.
POSTED: 03 Nov 2015 16:52 UPDATED: 03 Nov 2015 23:39
HONG KONG: Asia-focused British bank Standard Chartered said on Tuesday (Nov 3) it would axe 15,000 jobs and raise US$5.1 billion in capital after posting a "disappointing" third-quarter loss as it struggles to return to growth.
The job losses are part of a major restructuring that will cost around US$3 billion, the bank said. A Standard Chartered spokeswoman said she could not give any further details of the job cuts.
When contacted, a spokesperson from StanChart Singapore declined to say if the job cuts would affect Singapore operations.
More than half of the restructuring costs would come from potential losses on liquidating assets and businesses, the bank said in a statement.
The remaining charges would be from "potential redundancy costs" of a planned headcount reduction of 15,000, as well as goodwill write-downs, it added.
The bank reported an unexpected pre-tax quarterly loss of US$139 million compared with a US$1.53 billion profit a year earlier, in a performance described as "disappointing" by group chief executive Bill Winters.
Revenue was down 18.4 per cent to US$3.68 billion and impairment losses increased from US$536 million to US$1.23 billion for the quarter.
Shares in the bank plunged as much as 6.2 per cent on the Hong Kong stock exchange in the wake of the results and closed down nearly 3 per cent - its stock value has fallen around 30 per cent in the past year.
"I know a lot of people losing their jobs is not good, (but) from a business point of view, that's what they have to do," Hong Kong-based financial analyst Jackson Wong told AFP.
Wong said loan losses were the main reason the bank swung to a pre-tax loss, adding that it needed to "control costs and try to remodel (its) business".
RIGHTS ISSUE
Standard Chartered announced a plan to raise US$5.1 billion in capital through a rights issue, and a strategic review that raised its cost-cutting target to US$2.9 billion between 2015 and 2018.
It added it was refocusing on "affluent retail clients" rather than corporate and institutional banking businesses and would exit or restructure US$100 billion of assets.
"The business environment in our markets remains challenging and our recent performance is disappointing," Winters said in a statement filed to the Hong Kong bourse.
"The plans we have outlined today significantly reallocate resources to change fundamentally the mix of the group towards more profitable and less capital-intensive business," Winters said in a separate statement detailing the strategic plan.
Winters, former co-head of JP Morgan, took the reins from Peter Sands in June after shareholder calls for a boardroom cull following profit warnings.
The bank said in January it would axe 2,000 jobs around the world in 2015 in an attempt to make savings of US$400 million in a structural overhaul.
It had already shed 2,000 jobs in the three months before January.
Standard Chartered saw its profits plunge in the first half of this year, with net profit slumping 36.7 per cent in the six months to June compared to the period in 2014.
Bosses at the bank gave up their bonuses after profits fell by more than a third in 2014, sliding 37 per cent to US$2.51 billion.
- AFP/CNA/ec
- wong chee tat :)
Thursday, October 29, 2015
Deutsche Bank cutting 15,000 jobs as new CEO sets out strategy plan
Deutsche Bank cutting 15,000 jobs as new CEO sets out strategy plan
POSTED: 29 Oct 2015 18:10 UPDATED: 29 Oct 2015 18:15
FRANKFURT: Deutsche Bank is slashing 15,000 jobs and shedding assets in which some 20,000 staff are employed, as new Chief Executive John Cryan starts to implement a deep overhaul aiming to improve returns at Germany's biggest bank.
Cryan said the bank will sacrifice its 2015 and 2016 dividends as it seeks to bolster its finances and retain money to pay for sins of the past. "I do not think that 2016 and 2017 will be strong years," he told reporters on Thursday.
Shares in the bank were down 6 percent at 25.815 euros by 0850 GMT. "We still believe there are major risks here and therefore think a capital increase in 2016 is still highly probable," Citi analysts said in a note.
A trader said: "Investors are very disappointed. Two years of no dividends and CEO Cryan cautions 2016 and 2017 won’t be strong in terms of business either. That’s a long time and shareholders are wondering why they should stay invested."
Cryan is under pressure to overhaul Germany's biggest bank, with costly litigation from past scandals and fallout from a market rout in Asia pushing its valuation well below rivals.
"Deutsche Bank does not have a strategy problem. We know exactly where we want to go. But we have had a grave problem in implementing it," Cryan said, addressing reporters in German, in contrast to his predecessor Anshu Jain who regularly drew criticism for never mastering the language.
Cryan said staff will feel the pain. "I have said that it would not be all sweetness and light," he said, adding it would be unacceptable not to share some of the cost of the settlement of interest-rate rigging and consequences of poor past behavior.
In the context of the group making a 2015 loss, its supervisory board will discuss if it will be appropriate for the board to pay bonuses, he said.
Co-CEO Juergen Fitschen acknowledged the bank has not yet done enough in changing its behavioral culture. "Cultural change ... it needs to be filled with content. What we have brought about is only the beginning," Fitschen said.
The lender is to axe 9,000 full-time jobs and 6,000 external contractor positions. Three quarters of the other 20,000 jobs to go are at retail unit Postbank , which Deutsche Bank is spinning off.
"We were concerned that our shareholders thought cost-cut goals were not ambitious enough. We think they are realistic based on the need to remain competitive," Cryan said.
"We think we should retain capital in order to strengthen the company. Because we have to run business on the basis that we could encounter stress. We need to build a buffer above the minimum."
ELIMINATION OF DIVIDEND
Deutsche Bank said late the previous day it was targeting a reduction of its risk-weighted assets to about 320 billion euros (US$349 billion) by end-2018 from 416 billion at the end of June, towards the top end of analysts' expectations.
"The plan is based on the elimination of the Deutsche Bank common share dividend for the fiscal years 2015 and 2016," it said in a statement, adding it aimed to resume paying dividends thereafter.
Ever since its post-World War Two reestablishment in 1952, Deutsche Bank has always paid a dividend.
Earlier this month, the lender announced it would split its investment bank in two and part ways with three of its eight management board members.
The bank also said it was aiming to bring down adjusted non-interest expenses to less than 22 billion euros by 2018 from 23.8 billion in 2014, and to reduce its cost/income ratio to 70 percent in 2018 from 84.3 percent at the end of June.
By comparison, Barclays , Credit Suisse and UBS , which are also cutting costs and devising new strategies, currently only spend 64 to 77 cents to earn a euro.
Other major international banks such JP Morgan and UBS made swifter changes to address persistently low interest rates and tighter regulation after the financial crisis.
While Credit Suisse, which also intends to slim down its investment bank, plans to raise 6 billion Swiss francs (US$6 billion) from investors to bolster capital, Deutsche Bank has not so far signaled it is considering such a step.
Deutsche Bank also posted a 20 percent rise in revenue at its lucrative bond trading business in the third quarter, helping take the sting out of a record 6 billion euro group pretax loss.
Revenue at its Corporate Banking and Securities business rose 2 percent to 3.2 billion euros, helped by higher revenue in rates, credit and distressed and emerging markets.
Peers such as Morgan Stanley and Goldman Sachs reported steep declines in bond trading performance in the quarter.
The loss was caused by massive charges for goodwill and legal expenses at its investment bank and on assets earmarked for disposal, as well as higher litigation charges.
(Reporting by Arno Schuetze and Jonathan Gould; Editing by Georgina Prodhan and David Holmes)
- Reuters
- wong chee tat :)
POSTED: 29 Oct 2015 18:10 UPDATED: 29 Oct 2015 18:15
FRANKFURT: Deutsche Bank is slashing 15,000 jobs and shedding assets in which some 20,000 staff are employed, as new Chief Executive John Cryan starts to implement a deep overhaul aiming to improve returns at Germany's biggest bank.
Cryan said the bank will sacrifice its 2015 and 2016 dividends as it seeks to bolster its finances and retain money to pay for sins of the past. "I do not think that 2016 and 2017 will be strong years," he told reporters on Thursday.
Shares in the bank were down 6 percent at 25.815 euros by 0850 GMT. "We still believe there are major risks here and therefore think a capital increase in 2016 is still highly probable," Citi analysts said in a note.
A trader said: "Investors are very disappointed. Two years of no dividends and CEO Cryan cautions 2016 and 2017 won’t be strong in terms of business either. That’s a long time and shareholders are wondering why they should stay invested."
Cryan is under pressure to overhaul Germany's biggest bank, with costly litigation from past scandals and fallout from a market rout in Asia pushing its valuation well below rivals.
"Deutsche Bank does not have a strategy problem. We know exactly where we want to go. But we have had a grave problem in implementing it," Cryan said, addressing reporters in German, in contrast to his predecessor Anshu Jain who regularly drew criticism for never mastering the language.
Cryan said staff will feel the pain. "I have said that it would not be all sweetness and light," he said, adding it would be unacceptable not to share some of the cost of the settlement of interest-rate rigging and consequences of poor past behavior.
In the context of the group making a 2015 loss, its supervisory board will discuss if it will be appropriate for the board to pay bonuses, he said.
Co-CEO Juergen Fitschen acknowledged the bank has not yet done enough in changing its behavioral culture. "Cultural change ... it needs to be filled with content. What we have brought about is only the beginning," Fitschen said.
The lender is to axe 9,000 full-time jobs and 6,000 external contractor positions. Three quarters of the other 20,000 jobs to go are at retail unit Postbank , which Deutsche Bank is spinning off.
"We were concerned that our shareholders thought cost-cut goals were not ambitious enough. We think they are realistic based on the need to remain competitive," Cryan said.
"We think we should retain capital in order to strengthen the company. Because we have to run business on the basis that we could encounter stress. We need to build a buffer above the minimum."
ELIMINATION OF DIVIDEND
Deutsche Bank said late the previous day it was targeting a reduction of its risk-weighted assets to about 320 billion euros (US$349 billion) by end-2018 from 416 billion at the end of June, towards the top end of analysts' expectations.
"The plan is based on the elimination of the Deutsche Bank common share dividend for the fiscal years 2015 and 2016," it said in a statement, adding it aimed to resume paying dividends thereafter.
Ever since its post-World War Two reestablishment in 1952, Deutsche Bank has always paid a dividend.
Earlier this month, the lender announced it would split its investment bank in two and part ways with three of its eight management board members.
The bank also said it was aiming to bring down adjusted non-interest expenses to less than 22 billion euros by 2018 from 23.8 billion in 2014, and to reduce its cost/income ratio to 70 percent in 2018 from 84.3 percent at the end of June.
By comparison, Barclays , Credit Suisse and UBS , which are also cutting costs and devising new strategies, currently only spend 64 to 77 cents to earn a euro.
Other major international banks such JP Morgan and UBS made swifter changes to address persistently low interest rates and tighter regulation after the financial crisis.
While Credit Suisse, which also intends to slim down its investment bank, plans to raise 6 billion Swiss francs (US$6 billion) from investors to bolster capital, Deutsche Bank has not so far signaled it is considering such a step.
Deutsche Bank also posted a 20 percent rise in revenue at its lucrative bond trading business in the third quarter, helping take the sting out of a record 6 billion euro group pretax loss.
Revenue at its Corporate Banking and Securities business rose 2 percent to 3.2 billion euros, helped by higher revenue in rates, credit and distressed and emerging markets.
Peers such as Morgan Stanley and Goldman Sachs reported steep declines in bond trading performance in the quarter.
The loss was caused by massive charges for goodwill and legal expenses at its investment bank and on assets earmarked for disposal, as well as higher litigation charges.
(Reporting by Arno Schuetze and Jonathan Gould; Editing by Georgina Prodhan and David Holmes)
- Reuters
- wong chee tat :)
Tuesday, April 28, 2015
More workers laid off in 2014 amid restructuring
More workers laid off in 2014 amid restructuring
By Dylan Loh, Channel NewsAsia
POSTED: 23 Apr 2015 11:11
UPDATED: 24 Apr 2015 00:00
SINGAPORE: More people were laid off in Singapore last year, due to a rise in redundancies among non-residents, according to data released by the Ministry of Manpower (MOM) on Thursday (Apr 23).
In 2014, 12,930 workers were laid off, up from 11,560 in 2013. In other words, 6.3 workers were made redundant for every 1,000 employees, the report said.
However, fewer citizens and Permanent Residents were made redundant last year – 7,240 were laid off last year, as compared to 7,520 in 2013.
The increase in redundancies was mainly from the services sector, said MOM. Layoffs in the construction sector also went up, amid a decline in private sector construction output.
The manufacturing sector, a key pillar of Singapore's economy, contributed less of a share to redundancies in 2014. But experts said this sector should still be closely watched, especially if more firms relocate their activities overseas.
Professionals, managers, executives and technicians (PMETs) formed 51 per cent of the layoffs last year, as compared to 56 per cent in 2013. The likelihood of redundancy among PMETs remained higher than clerical, sales and service workers, and production and related workers.
The top reasons cited by firms for the redundancies were restructuring, re-organisation and poor business. Human resource experts said this is typical of what firms in an economy in transition will experience.
"We are seeing a very strong business economy right now. We are seeing jobs are created, we are seeing the human resources departments in companies still recruiting rapidly. They've got a lot of people they need to bring in, and it's generally a very good market for job seekers," said Mr Ian Grundy, Head of Marketing and Communications Asia at Adecco Personnel.
Mr Erman Tan, President of the Singapore Human Resources Institute said there will be a certain level of layoffs in various industries.
"But we really encourage the workforce to keep a very open mindset and to ensure that they continue to pick up new skills; to have a lifelong learning attitude just to ensure that they have skills sets that are always relevant to the marketplace," he added.
WORKERS FIND NEW JOBS MORE QUICKLY
Residents who were made redundant found replacement jobs more quickly last year, according to the report. The rate of re-entry into employment within six months of being laid off rose for the third consecutive quarter to 59 per cent in Dec 2014, said MOM.
Additionally, 68 per cent of residents who were laid off in the first three quarters of 2014 found jobs by December in the same year. This is compared to 66 per cent of the previous cohort.
About half of those who were laid off found new jobs within a month, and 68 per cent found work in a different industry, the data revealed.
- CNA/xq/dl
- wong chee tat :)
By Dylan Loh, Channel NewsAsia
POSTED: 23 Apr 2015 11:11
UPDATED: 24 Apr 2015 00:00
SINGAPORE: More people were laid off in Singapore last year, due to a rise in redundancies among non-residents, according to data released by the Ministry of Manpower (MOM) on Thursday (Apr 23).
In 2014, 12,930 workers were laid off, up from 11,560 in 2013. In other words, 6.3 workers were made redundant for every 1,000 employees, the report said.
However, fewer citizens and Permanent Residents were made redundant last year – 7,240 were laid off last year, as compared to 7,520 in 2013.
The increase in redundancies was mainly from the services sector, said MOM. Layoffs in the construction sector also went up, amid a decline in private sector construction output.
The manufacturing sector, a key pillar of Singapore's economy, contributed less of a share to redundancies in 2014. But experts said this sector should still be closely watched, especially if more firms relocate their activities overseas.
Professionals, managers, executives and technicians (PMETs) formed 51 per cent of the layoffs last year, as compared to 56 per cent in 2013. The likelihood of redundancy among PMETs remained higher than clerical, sales and service workers, and production and related workers.
The top reasons cited by firms for the redundancies were restructuring, re-organisation and poor business. Human resource experts said this is typical of what firms in an economy in transition will experience.
"We are seeing a very strong business economy right now. We are seeing jobs are created, we are seeing the human resources departments in companies still recruiting rapidly. They've got a lot of people they need to bring in, and it's generally a very good market for job seekers," said Mr Ian Grundy, Head of Marketing and Communications Asia at Adecco Personnel.
Mr Erman Tan, President of the Singapore Human Resources Institute said there will be a certain level of layoffs in various industries.
"But we really encourage the workforce to keep a very open mindset and to ensure that they continue to pick up new skills; to have a lifelong learning attitude just to ensure that they have skills sets that are always relevant to the marketplace," he added.
WORKERS FIND NEW JOBS MORE QUICKLY
Residents who were made redundant found replacement jobs more quickly last year, according to the report. The rate of re-entry into employment within six months of being laid off rose for the third consecutive quarter to 59 per cent in Dec 2014, said MOM.
Additionally, 68 per cent of residents who were laid off in the first three quarters of 2014 found jobs by December in the same year. This is compared to 66 per cent of the previous cohort.
About half of those who were laid off found new jobs within a month, and 68 per cent found work in a different industry, the data revealed.
- CNA/xq/dl
- wong chee tat :)
Friday, January 23, 2015
7,710 workers laid off in first 3 quarters of 2014
7,710 workers laid off in first 3 quarters of 2014
TODAY reports: The figure is an increase of about 500 from the same period a year ago, and is mainly due to more workers being laid off from the services sector, the Labour Movement says.
SINGAPORE: A total of 7,710 workers were laid off in the first three quarters of last year, about 500 more than in the same period in the year before, said the Labour Movement on Thursday (Jan 15), citing past figures from the Manpower Ministry.
The increase was due to more workers being laid off from the services sector, the Labour Movement noted.
For unionised sectors, 2,212 workers lost their jobs last year – 27 per cent lower than in 2013. Two-thirds of them came from the manufacturing sector.
Reasons for retrenchment include high cost, poor business and ongoing restructuring, which resulted in eight companies relocating their operations out of Singapore, to countries such as Thailand, Malaysia and China.
The Labour Movement expects about 300 workers from the chemical and electronics sectors to be retrenched in the first quarter of this year.
Unionised workers saw a wage increase of about 4.1 per cent last year, lower than the 4.63 per cent recorded in 2013. They will also receive an average three months’ bonus in 2014, down from 3.16 months the year before.
About 60 per cent of unionised companies paid at least S$60 built-in wage increases to workers earning S$1,000 and below. Companies that failed to do so cited poor business and restructuring as reasons.
In 2014, the number of workers on a shorter work week plunged from close to 5,793 to 1,323. The Labour Movement attributed this to a lack of orders and a slowdown in business. The majority were from companies producing semiconductor and electronic products and components.
-TODAY/cy
- wong chee tat :)
TODAY reports: The figure is an increase of about 500 from the same period a year ago, and is mainly due to more workers being laid off from the services sector, the Labour Movement says.
SINGAPORE: A total of 7,710 workers were laid off in the first three quarters of last year, about 500 more than in the same period in the year before, said the Labour Movement on Thursday (Jan 15), citing past figures from the Manpower Ministry.
The increase was due to more workers being laid off from the services sector, the Labour Movement noted.
For unionised sectors, 2,212 workers lost their jobs last year – 27 per cent lower than in 2013. Two-thirds of them came from the manufacturing sector.
Reasons for retrenchment include high cost, poor business and ongoing restructuring, which resulted in eight companies relocating their operations out of Singapore, to countries such as Thailand, Malaysia and China.
The Labour Movement expects about 300 workers from the chemical and electronics sectors to be retrenched in the first quarter of this year.
Unionised workers saw a wage increase of about 4.1 per cent last year, lower than the 4.63 per cent recorded in 2013. They will also receive an average three months’ bonus in 2014, down from 3.16 months the year before.
About 60 per cent of unionised companies paid at least S$60 built-in wage increases to workers earning S$1,000 and below. Companies that failed to do so cited poor business and restructuring as reasons.
In 2014, the number of workers on a shorter work week plunged from close to 5,793 to 1,323. The Labour Movement attributed this to a lack of orders and a slowdown in business. The majority were from companies producing semiconductor and electronic products and components.
-TODAY/cy
- wong chee tat :)
Tuesday, October 7, 2014
HP increases job cuts to 55,000 in reorganisation bid
HP increases job cuts to 55,000 in reorganisation bid
This is at least 5,000 more than its previous estimate, says the US tech giant.
NEW YORK: Hewlett-Packard (HP) said on Monday (Oct 6) that its corporate reorganisation would result in a total of 55,000 jobs slashed - at least 5,000 more than its previous estimate.
The US tech giant said it had increased its prior estimate of 45,000 to 50,000 job losses "independent of the separation transaction".
HP had on Monday confirmed that it would split into two separate, listed companies by splitting its computer and printer businesses from its corporate hardware and services operations.
- AFP/al
- wong chee tat :)
This is at least 5,000 more than its previous estimate, says the US tech giant.
NEW YORK: Hewlett-Packard (HP) said on Monday (Oct 6) that its corporate reorganisation would result in a total of 55,000 jobs slashed - at least 5,000 more than its previous estimate.
The US tech giant said it had increased its prior estimate of 45,000 to 50,000 job losses "independent of the separation transaction".
HP had on Monday confirmed that it would split into two separate, listed companies by splitting its computer and printer businesses from its corporate hardware and services operations.
- AFP/al
- wong chee tat :)
Hewlett-Packard confirms to split in two by end-FY2015
Hewlett-Packard confirms to split in two by end-FY2015
Hewlett-Packard has confirmed that it will split into two separate, listed companies by separating its computer and printer businesses from its corporate hardware and services operations by the end of fiscal year 2015.
NEW YORK: Hewlett-Packard said on Monday (Oct 6) it would split into two separate, listed companies by separating its computer and printer businesses from its corporate hardware and services operations. The move follows a trend of technology firms and other corporations, including eBay last week, splitting their businesses into separate companies, based on the belief that tightly focused firms perform better.
The split "will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders," said HP chief executive Meg Whitman in a statement.
"In short, by transitioning now from one HP to two new companies, created out of our successful turnaround efforts, we will be in an even better position to compete in the market, support our customers and partners, and deliver maximum value to our shareholders," she said. It will take place as a tax-free distribution of shares to HP's stockholders.
Whitman will serve as chairman of the PC and printer business, dubbed HP Inc, and chief-executive of the separate Hewlett-Packard Enterprise company, the statement said. Dion Weisler, an executive in the PC and printer operation, is to be chief executive of that streamlined business, the report said.
HP has been undergoing a massive reorganisation to cope with the move away from traditional personal computers to mobile devices. The California company, which has been in the throes of a major reorganization since 2012, said on Monday the plan would eliminate a total of 55,000 jobs "independent of the separation transaction." Until recently, HP had said the plan would cut up to 50,000 jobs.
The breakup plan, subject to final board approval, is expected to be completed by the end of the 2015 fiscal year. The decision follows US online retail giant eBay' plans unveiled last week to spin off PayPal in a move designed to help the unit compete better in the fast-moving online payments segment.
HP shares jumped four per cent to 36.61 in opening trades, as initial reaction to the announcement was generally positive.
Brian White, analyst at Cantor Fitzgerald, said there is a "long list of reasons" to separate the two units. "The enterprise IT market is becoming increasingly competitive and the PC market has been in a downturn since the iPad was unveiled in April 2010," White said in a note to clients.
"Given the challenges in managing a company the size of HP, the negative, long-term secular trends in the PC market that discourage investor attention, and the need for HP to focus more on the cloud, ... we believe a separation into two companies makes sense, as we have suggested for quite some time."
Sherri Scribner at Deutsche Bank agreed, saying there were "limited synergies" between the two segments and that each unit has "different growth and margin profiles". Ben Reitzes at Barclays said the spinoff "could expand HP's value" but that it was "not a signal that fundamentals are about to change drastically for PCs."
- AFP/al
- wong chee tat :)
Hewlett-Packard has confirmed that it will split into two separate, listed companies by separating its computer and printer businesses from its corporate hardware and services operations by the end of fiscal year 2015.
NEW YORK: Hewlett-Packard said on Monday (Oct 6) it would split into two separate, listed companies by separating its computer and printer businesses from its corporate hardware and services operations. The move follows a trend of technology firms and other corporations, including eBay last week, splitting their businesses into separate companies, based on the belief that tightly focused firms perform better.
The split "will provide each new company with the independence, focus, financial resources, and flexibility they need to adapt quickly to market and customer dynamics, while generating long-term value for shareholders," said HP chief executive Meg Whitman in a statement.
"In short, by transitioning now from one HP to two new companies, created out of our successful turnaround efforts, we will be in an even better position to compete in the market, support our customers and partners, and deliver maximum value to our shareholders," she said. It will take place as a tax-free distribution of shares to HP's stockholders.
Whitman will serve as chairman of the PC and printer business, dubbed HP Inc, and chief-executive of the separate Hewlett-Packard Enterprise company, the statement said. Dion Weisler, an executive in the PC and printer operation, is to be chief executive of that streamlined business, the report said.
HP has been undergoing a massive reorganisation to cope with the move away from traditional personal computers to mobile devices. The California company, which has been in the throes of a major reorganization since 2012, said on Monday the plan would eliminate a total of 55,000 jobs "independent of the separation transaction." Until recently, HP had said the plan would cut up to 50,000 jobs.
The breakup plan, subject to final board approval, is expected to be completed by the end of the 2015 fiscal year. The decision follows US online retail giant eBay' plans unveiled last week to spin off PayPal in a move designed to help the unit compete better in the fast-moving online payments segment.
HP shares jumped four per cent to 36.61 in opening trades, as initial reaction to the announcement was generally positive.
Brian White, analyst at Cantor Fitzgerald, said there is a "long list of reasons" to separate the two units. "The enterprise IT market is becoming increasingly competitive and the PC market has been in a downturn since the iPad was unveiled in April 2010," White said in a note to clients.
"Given the challenges in managing a company the size of HP, the negative, long-term secular trends in the PC market that discourage investor attention, and the need for HP to focus more on the cloud, ... we believe a separation into two companies makes sense, as we have suggested for quite some time."
Sherri Scribner at Deutsche Bank agreed, saying there were "limited synergies" between the two segments and that each unit has "different growth and margin profiles". Ben Reitzes at Barclays said the spinoff "could expand HP's value" but that it was "not a signal that fundamentals are about to change drastically for PCs."
- AFP/al
- wong chee tat :)
Wednesday, April 16, 2014
Sunday, March 2, 2014
The most (and least) stressful jobs in banking and finance
The most (and least) stressful jobs in banking and finance
by Beecher Tuttle
9 January 2014
If you work in banking or other sectors in financial services, you likely spend a healthy part of your day dealing with career-related stress. The hours, the responsibilities, the external pressures to deliver consistent compelling results – they all add up. But who has it worse?
We decided to conduct an informal survey to find out, creating a list of a dozen sectors and roles. We then asked a host of recruiters and other experts in the field to rank them based on the stress levels employees tend to face, leaving it up to each voter to qualify “work stress” as they see it. Below are the composite results, along with some notes from those who chose to go on the record and explain their thought process. Do you agree?
1. Investment Banker: The runaway choice for the most stressful job on Wall Street and in all of financial services, finishing in the top three of every ballot. The main reason is that investment bankers are confronted with the two main triggers for career stress: the difficulty of the work coupled with the sheer amount of it, particularly for associates and analysts.
“The life of a junior banker is one of the last forms of legalized slavery,” said Roy Cohen, a career coach and author of The Wall Street Professional’s Survival Guide. “It is a gruelling survival of the fittest existence defined by all-nighters, no time to eat well or to exercise, and compensation that has remained flat for a number of years.”
Within investment banking, the highest levels of stress exist in M&A, said Richard Lipstein, managing director at Wall Street search firm Gilbert Tweed International. “The most stressful job is one where revenue takes longest to be generated,” he said. “In M&A, you need to know the people, get the meeting, bring in the business, convince them to sell and then go out and get it done.”
2. Trader: Most traders don’t hold the hours of investment bankers, but they may have a sharper, more acute level of stress. “Trader stress is in real time and can happen instantaneously,” said Sal Khan, managing director at Dynamics Associates.
Obviously the lives of some traders are easier than others. Sell-side traders live and die daily, said Cohen. Eyeing the current moment, fixed income traders are likely more stressed than ever, simply due to the conditions, Lipstein said. “Their business is shrinking – there will be triage, and they know it.”
3. Risk management & compliance: Likely positions that wouldn’t finish this high years ago, risk and compliance personnel don’t get paid as highly as traders and investment bankers but they’re in a pressure cooker just the same. One reason risk and compliance didn’t finish higher is the dearth of qualified professionals able to fill all the openings (i.e. job security).
“New regulatory requirements are constantly rolling in and regulators and those on the business side are always on you, breathing down your neck,” said Lisa Mogilner, executive recruiter at Dynamics Associates. Sitting in a non-revenue generating seats, risk and compliance staffers are often viewed as the enemy by colleagues who are desperate to get a transaction approved, said Cohen. But they also have skeletons like the London Whale, Libor and the credit crisis feeding their stress levels on the other side. Market risk and credit risk management roles are particularly stressful, said Khan.
4. Wealth manager/financial advisor: Finishing near the top on some surveys and further down on others, wealth managers and financial advisors deal with one particular vehicle for stress: they eat only what they kill. Wealth managers get fired nearly as often as they get hired. One WM who started five years ago said he is the only remaining member of his 30-person recruiting class still in the business.
It’s a sales job, and your target is often friends and family. You start with a barely livable wage and you need to sell to remain employed. But, at its core, wealth management is a relationship business. Unlike institutional sales, your heart – not just your wallet – is on the line with each investment, said Lipstein.
5. Institutional sales: Any role that focuses on sales causes stress. Couple this with the fact that the job security and the ceiling on salary aren’t what they used to be, and institutional sales can be a grind. “As technology automates much of the function, there is simply no need for a human interface,” said Cohen. “Since the products are now not much more than commodities, sales people are seeing shrinking spreads and fewer opportunities to generate rich commissions.”
6. Management consulting: It’s all about hours, engagement and travel. Simply put, consultants always have to be “on.” And in between they are in airports and juggling complex business problems.
“And the more senior you are, there are pressures to generate new business while continuing to execute,” said Anne Crowley, managing director at Jay Gaines and Company. “Some people are wired for this, and are motivated by the fast pace and variety of challenge.”
7. Private equity: You must be smart, hard-working and well-rounded, but the lifestyle doesn’t compare to investment bankers and the pay if often much better, particularly at the senior level.
8. Industrial coverage/research analyst: Very rich, very passionate and very explosive fund managers and traders rely on research analysts, who will often get more blame than praise, particularly on the buy side. “You agonize over every decision, then you agonize once the decision is made,” Lipstein said.
9. Fund manager: Finishing just behind research analyst, fund managers push the final button – a highly stressful role – but they have seniority, don’t have to do as much grunt work and likely have the bank account to relax, just a bit.
10. Technology: Like risk and compliance, tech pros get yelled at – a lot. “They take plenty of blame, even when things are out of their hands, and they constantly have to re-educate themselves and take courses,” said Mogilner. And, with operational budget constraints, there is a “continuing pressure to do more with less,” said Crowley.
11. Accounting: Finishing last on every ballot, accounting is “virtually stress-free as long as you like routine and are willing to work long hours on a seasonal basis,” said Cohen. There’s also minimal client-facing and you’re never on an island. “There is always someone in the assembly line with you,” according to Mogilner. Not much else to say.
- wong chee tat :)
by Beecher Tuttle
9 January 2014
If you work in banking or other sectors in financial services, you likely spend a healthy part of your day dealing with career-related stress. The hours, the responsibilities, the external pressures to deliver consistent compelling results – they all add up. But who has it worse?
We decided to conduct an informal survey to find out, creating a list of a dozen sectors and roles. We then asked a host of recruiters and other experts in the field to rank them based on the stress levels employees tend to face, leaving it up to each voter to qualify “work stress” as they see it. Below are the composite results, along with some notes from those who chose to go on the record and explain their thought process. Do you agree?
1. Investment Banker: The runaway choice for the most stressful job on Wall Street and in all of financial services, finishing in the top three of every ballot. The main reason is that investment bankers are confronted with the two main triggers for career stress: the difficulty of the work coupled with the sheer amount of it, particularly for associates and analysts.
“The life of a junior banker is one of the last forms of legalized slavery,” said Roy Cohen, a career coach and author of The Wall Street Professional’s Survival Guide. “It is a gruelling survival of the fittest existence defined by all-nighters, no time to eat well or to exercise, and compensation that has remained flat for a number of years.”
Within investment banking, the highest levels of stress exist in M&A, said Richard Lipstein, managing director at Wall Street search firm Gilbert Tweed International. “The most stressful job is one where revenue takes longest to be generated,” he said. “In M&A, you need to know the people, get the meeting, bring in the business, convince them to sell and then go out and get it done.”
2. Trader: Most traders don’t hold the hours of investment bankers, but they may have a sharper, more acute level of stress. “Trader stress is in real time and can happen instantaneously,” said Sal Khan, managing director at Dynamics Associates.
Obviously the lives of some traders are easier than others. Sell-side traders live and die daily, said Cohen. Eyeing the current moment, fixed income traders are likely more stressed than ever, simply due to the conditions, Lipstein said. “Their business is shrinking – there will be triage, and they know it.”
3. Risk management & compliance: Likely positions that wouldn’t finish this high years ago, risk and compliance personnel don’t get paid as highly as traders and investment bankers but they’re in a pressure cooker just the same. One reason risk and compliance didn’t finish higher is the dearth of qualified professionals able to fill all the openings (i.e. job security).
“New regulatory requirements are constantly rolling in and regulators and those on the business side are always on you, breathing down your neck,” said Lisa Mogilner, executive recruiter at Dynamics Associates. Sitting in a non-revenue generating seats, risk and compliance staffers are often viewed as the enemy by colleagues who are desperate to get a transaction approved, said Cohen. But they also have skeletons like the London Whale, Libor and the credit crisis feeding their stress levels on the other side. Market risk and credit risk management roles are particularly stressful, said Khan.
4. Wealth manager/financial advisor: Finishing near the top on some surveys and further down on others, wealth managers and financial advisors deal with one particular vehicle for stress: they eat only what they kill. Wealth managers get fired nearly as often as they get hired. One WM who started five years ago said he is the only remaining member of his 30-person recruiting class still in the business.
It’s a sales job, and your target is often friends and family. You start with a barely livable wage and you need to sell to remain employed. But, at its core, wealth management is a relationship business. Unlike institutional sales, your heart – not just your wallet – is on the line with each investment, said Lipstein.
5. Institutional sales: Any role that focuses on sales causes stress. Couple this with the fact that the job security and the ceiling on salary aren’t what they used to be, and institutional sales can be a grind. “As technology automates much of the function, there is simply no need for a human interface,” said Cohen. “Since the products are now not much more than commodities, sales people are seeing shrinking spreads and fewer opportunities to generate rich commissions.”
6. Management consulting: It’s all about hours, engagement and travel. Simply put, consultants always have to be “on.” And in between they are in airports and juggling complex business problems.
“And the more senior you are, there are pressures to generate new business while continuing to execute,” said Anne Crowley, managing director at Jay Gaines and Company. “Some people are wired for this, and are motivated by the fast pace and variety of challenge.”
7. Private equity: You must be smart, hard-working and well-rounded, but the lifestyle doesn’t compare to investment bankers and the pay if often much better, particularly at the senior level.
8. Industrial coverage/research analyst: Very rich, very passionate and very explosive fund managers and traders rely on research analysts, who will often get more blame than praise, particularly on the buy side. “You agonize over every decision, then you agonize once the decision is made,” Lipstein said.
9. Fund manager: Finishing just behind research analyst, fund managers push the final button – a highly stressful role – but they have seniority, don’t have to do as much grunt work and likely have the bank account to relax, just a bit.
10. Technology: Like risk and compliance, tech pros get yelled at – a lot. “They take plenty of blame, even when things are out of their hands, and they constantly have to re-educate themselves and take courses,” said Mogilner. And, with operational budget constraints, there is a “continuing pressure to do more with less,” said Crowley.
11. Accounting: Finishing last on every ballot, accounting is “virtually stress-free as long as you like routine and are willing to work long hours on a seasonal basis,” said Cohen. There’s also minimal client-facing and you’re never on an island. “There is always someone in the assembly line with you,” according to Mogilner. Not much else to say.
- wong chee tat :)
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