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 :)
Showing posts with label unemployed. Show all posts
Showing posts with label unemployed. Show all posts
Thursday, December 22, 2016
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 :)
Friday, December 16, 2016
Redundancies in Singapore hit 7-year high; highest since 2009 financial crisis
Redundancies in Singapore hit 7-year high; highest since 2009 financial crisis
Posted 13 Dec 2016 11:11 Updated 13 Dec 2016 22:56
SINGAPORE: The number of workers laid off in Singapore hit a seven-year high in the first nine months of 2016 – the highest since the global financial crisis in 2009, figures released on Tuesday (Dec 13) by the Ministry of Manpower (MOM) showed.
A total of 13,730 workers were laid off in the first nine months of this year, an increase from the 10,220 during the same period last year and the highest since the first nine months of 2009 when 21,210 workers were laid off, according to the ministry’s quarterly labour market report.
During the third quarter, 4,220 workers were made redundant, down from the 4,800 in the previous quarter but higher than the 3,460 in the same quarter last year.
Professionals, managers, executives and technicians (PMETs) were more likely to be made redundant, the MOM report said. These workers formed the majority (73 per cent) of Singapore residents laid off during the quarter, and those with tertiary qualifications also formed the bulk of resident layoffs.
The overall unemployment rate remained unchanged at 2.1 per cent. Among Singaporeans, the unemployment rate was 3 per cent in September, down from 3.1 per cent in June, and among residents, it was 2.9 per cent, down from 3 per cent.
However, more job seekers were taking a longer time to find work, with the resident long-term unemployment rate rising to 0.8 per cent in September, up from 0.6 per cent a year ago and the highest September rate since 2009.
Total employment shrank by 2,700, the first decline in more than a year, MOM findings showed. The decline was primarily due to contractions in the manufacturing and construction industries, affecting mainly work permit holders. Over the first nine months, total employment grew by 14,500, but it was the lowest such growth since 2009.
“The contraction in total employment, heightened redundancy levels and decline in job vacancies to unemployed ratio reflect the current subdued global economic conditions and ongoing economic restructuring,” the ministry said.
It added that tripartite partners will continue to help affected workers look for new jobs.
- CNA/cy
- wong chee tat :)
Posted 13 Dec 2016 11:11 Updated 13 Dec 2016 22:56
SINGAPORE: The number of workers laid off in Singapore hit a seven-year high in the first nine months of 2016 – the highest since the global financial crisis in 2009, figures released on Tuesday (Dec 13) by the Ministry of Manpower (MOM) showed.
A total of 13,730 workers were laid off in the first nine months of this year, an increase from the 10,220 during the same period last year and the highest since the first nine months of 2009 when 21,210 workers were laid off, according to the ministry’s quarterly labour market report.
During the third quarter, 4,220 workers were made redundant, down from the 4,800 in the previous quarter but higher than the 3,460 in the same quarter last year.
Professionals, managers, executives and technicians (PMETs) were more likely to be made redundant, the MOM report said. These workers formed the majority (73 per cent) of Singapore residents laid off during the quarter, and those with tertiary qualifications also formed the bulk of resident layoffs.
The overall unemployment rate remained unchanged at 2.1 per cent. Among Singaporeans, the unemployment rate was 3 per cent in September, down from 3.1 per cent in June, and among residents, it was 2.9 per cent, down from 3 per cent.
However, more job seekers were taking a longer time to find work, with the resident long-term unemployment rate rising to 0.8 per cent in September, up from 0.6 per cent a year ago and the highest September rate since 2009.
Total employment shrank by 2,700, the first decline in more than a year, MOM findings showed. The decline was primarily due to contractions in the manufacturing and construction industries, affecting mainly work permit holders. Over the first nine months, total employment grew by 14,500, but it was the lowest such growth since 2009.
“The contraction in total employment, heightened redundancy levels and decline in job vacancies to unemployed ratio reflect the current subdued global economic conditions and ongoing economic restructuring,” the ministry said.
It added that tripartite partners will continue to help affected workers look for new jobs.
- CNA/cy
- wong chee tat :)
Wednesday, April 27, 2016
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 :)
Monday, November 16, 2015
59% of Singaporeans believe in job loyalty: Survey
59% of Singaporeans believe in job loyalty: Survey
According to a survey by Hays, 59 per cent of Singaporeans believe in job loyalty, and are prepared to stay more than five years. 30 per cent of them said they will stay up to five years.
POSTED: 16 Nov 2015 10:35 UPDATED: 16 Nov 2015 10:39
SINGAPORE: Close to 60 per cent of Singaporeans want to stay with an employer for more than five years, according to a survey by recruiting company Hays.
In a press release issued on Monday (Nov 16), Hays said that 59 per cent of Singaporeans believe in job loyalty and are prepared to stay more than five years, and 30 per cent of them said they will stay up to five years. The final 11 per cent of them like to change employers every one to two years.
“Most Singaporeans at heart do believe in job loyalty,” said Lynne Roeder, Managing Director of Hays in Singapore. “The job for life mentality is long gone, but so too is the mindset of job hopping regularly. Today almost 60 per cent of us want to stay with our employer for five years or more suggesting that, for most of us at least, stability, security and loyalty are important.
“Given this, it’s up to employers to ensure they create the environment in which employees can remain. After all, people want to stay with their employer long term, but they also want their careers to continue to develop and thrive."
Ms Roeder said that this means employers need to provide all staff with ongoing training and development, reviews, and promotional opportunities. They also need to deliver what they promised in the recruitment process so that the reality of working at their organisation matches what they promoted when they were attracting top talent.
However, Ms Roeder added that it is important to "recognise when it's time to move on".
"Loyalty is a noble quality, but it should not be at the expense of your own career advancement. Employers need to make sure the two go hand in hand."
1,183 Singaporeans were surveyed in the poll that was conducted between August and October 2015.
- CNA/wl
- wong chee tat :)
According to a survey by Hays, 59 per cent of Singaporeans believe in job loyalty, and are prepared to stay more than five years. 30 per cent of them said they will stay up to five years.
POSTED: 16 Nov 2015 10:35 UPDATED: 16 Nov 2015 10:39
SINGAPORE: Close to 60 per cent of Singaporeans want to stay with an employer for more than five years, according to a survey by recruiting company Hays.
In a press release issued on Monday (Nov 16), Hays said that 59 per cent of Singaporeans believe in job loyalty and are prepared to stay more than five years, and 30 per cent of them said they will stay up to five years. The final 11 per cent of them like to change employers every one to two years.
“Most Singaporeans at heart do believe in job loyalty,” said Lynne Roeder, Managing Director of Hays in Singapore. “The job for life mentality is long gone, but so too is the mindset of job hopping regularly. Today almost 60 per cent of us want to stay with our employer for five years or more suggesting that, for most of us at least, stability, security and loyalty are important.
“Given this, it’s up to employers to ensure they create the environment in which employees can remain. After all, people want to stay with their employer long term, but they also want their careers to continue to develop and thrive."
Ms Roeder said that this means employers need to provide all staff with ongoing training and development, reviews, and promotional opportunities. They also need to deliver what they promised in the recruitment process so that the reality of working at their organisation matches what they promoted when they were attracting top talent.
However, Ms Roeder added that it is important to "recognise when it's time to move on".
"Loyalty is a noble quality, but it should not be at the expense of your own career advancement. Employers need to make sure the two go hand in hand."
1,183 Singaporeans were surveyed in the poll that was conducted between August and October 2015.
- CNA/wl
- 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, January 29, 2015
Nurses, sales assistants toughest vacancies to fill by locals: MOM statistics
Nurses, sales assistants toughest vacancies to fill by locals: MOM statistics
Registered nurse was identified as the top PMET position to fill, while shop sales assistants took the position for non-PMET occupations, according to latest data from the Manpower Ministry.
SINGAPORE: The number of job vacancies rose to 67,400 as of September 2014 - an 8.9 per cent increase from 61,900 in 2013. Registered nurses and shop sales assistants were the toughest positions to fill by locals, according to latest data released by the Manpower Ministry (MOM) on Tuesday (Jan 27).
Of the vacancies, service and sales workers were in keen demand, representing 25 per cent of total vacancies, or 15,330 specifically. The positions included shop sales assistants, security guards and waiters, according to the press release.
In September 2014 itself, four in five of all vacancies were from the services industry. The bulk of vacancies came from community, social and personal services, healthcare and tertiary institutes, it added.
HARD TO HIRE LOCALS FOR SOME JOBS
In terms of professionals, managers, executives and technicians (PMETs), the data showed that registered nurse was in top spot for occupations hard to fill by locals. There were 720 vacancies as at September, with the top reason cited being too much competition from other employers.
Enrolled/assistant nurse - with 650 vacancies - and software, web and multimedia developer were in second and third spot respectively. Major reasons for these positions being difficult to fill were unattractive pay, a preference for a shorter work week and a reluctance to do shift work for the former, and lacking necessary work experience for the latter, according to the data.
As for non-PMET positions, shop sales assistants, security guards and waiters were the top three occupations that were hard to fill by locals, MOM stated.
A human resource expert said companies need to offer more competitive pay packages to attract and retain local employees.
Mr Ian Grundy, marketing and communications head for Asia at Adecco, said: “Some companies are struggling to fill vacancies because they are not paying a competitive salary. In a tight labour market like Singapore, you have got to be paying a competitive salary, you have got to be giving good bonus, and you have got to be giving good vacation allowance.
“This is because job seekers have got lots of choice, and if a company is not giving them something that is really attractive, they are going to go somewhere else. And what is happening from that as a result is that we are seeing a lot of jobs left open over a long period time."
The proportion of vacancies unfilled for at least six months (41 per cent) and those hard to fill by locals (67 per cent) were broadly unchanged from a year ago, as the labour market remained tight, the ministry added. Mr Grundy expects job vacancies to continue to rise this year.
- CNA/kk/ms
- wong chee tat :)
Registered nurse was identified as the top PMET position to fill, while shop sales assistants took the position for non-PMET occupations, according to latest data from the Manpower Ministry.
SINGAPORE: The number of job vacancies rose to 67,400 as of September 2014 - an 8.9 per cent increase from 61,900 in 2013. Registered nurses and shop sales assistants were the toughest positions to fill by locals, according to latest data released by the Manpower Ministry (MOM) on Tuesday (Jan 27).
Of the vacancies, service and sales workers were in keen demand, representing 25 per cent of total vacancies, or 15,330 specifically. The positions included shop sales assistants, security guards and waiters, according to the press release.
In September 2014 itself, four in five of all vacancies were from the services industry. The bulk of vacancies came from community, social and personal services, healthcare and tertiary institutes, it added.
HARD TO HIRE LOCALS FOR SOME JOBS
In terms of professionals, managers, executives and technicians (PMETs), the data showed that registered nurse was in top spot for occupations hard to fill by locals. There were 720 vacancies as at September, with the top reason cited being too much competition from other employers.
Enrolled/assistant nurse - with 650 vacancies - and software, web and multimedia developer were in second and third spot respectively. Major reasons for these positions being difficult to fill were unattractive pay, a preference for a shorter work week and a reluctance to do shift work for the former, and lacking necessary work experience for the latter, according to the data.
As for non-PMET positions, shop sales assistants, security guards and waiters were the top three occupations that were hard to fill by locals, MOM stated.
A human resource expert said companies need to offer more competitive pay packages to attract and retain local employees.
Mr Ian Grundy, marketing and communications head for Asia at Adecco, said: “Some companies are struggling to fill vacancies because they are not paying a competitive salary. In a tight labour market like Singapore, you have got to be paying a competitive salary, you have got to be giving good bonus, and you have got to be giving good vacation allowance.
“This is because job seekers have got lots of choice, and if a company is not giving them something that is really attractive, they are going to go somewhere else. And what is happening from that as a result is that we are seeing a lot of jobs left open over a long period time."
The proportion of vacancies unfilled for at least six months (41 per cent) and those hard to fill by locals (67 per cent) were broadly unchanged from a year ago, as the labour market remained tight, the ministry added. Mr Grundy expects job vacancies to continue to rise this year.
- CNA/kk/ms
- wong chee tat :)
Tuesday, June 17, 2014
Almost half of Singaporeans are dissatisfied with their jobs: Survey
Almost half of Singaporeans are dissatisfied with their jobs: Survey
Three-quarters of employees here say their jobs are only a way to make a living and nothing more, according to the Q2 Randstad Workmonitor survey.
SINGAPORE: Employees in Singapore ranked second from bottom in the Asia-Pacific in a global quarterly survey measuring job satisfaction.
Almost half (46 per cent) of employees in Singapore say they are not satisfied in their current job, only behind Japan (56 per cent), according to the Q2 Randstad Workmonitor survey released on Tuesday (June 17). Employees in India ranked the highest, with 80 per cent saying they are happy where they are.
Highest proportion of satisfied employees (Asia-Pacific):
India
Malaysia
Hong Kong
China
New Zealand
Australia
Singapore
Japan
Of the 5,670 employees surveyed in Singapore, 75 per cent say they view their job only as a way to make a living and nothing more. The majority also said they would not hesitate to change jobs if they could make more money (80 per cent), improve their career opportunities (78 per cent) or if they found a job that better matched their educational backgrounds (71 per cent).
The study was conducted between April 16 and May 6 via an online questionnaire of respondents aged 18-65, working a minimum of 24 hours a week in a paid job, who are not self-employed. The minimal sample size is 400 interviews per country, using Survey Sampling International.
- CNA/es
- wong chee tat :)
Three-quarters of employees here say their jobs are only a way to make a living and nothing more, according to the Q2 Randstad Workmonitor survey.
SINGAPORE: Employees in Singapore ranked second from bottom in the Asia-Pacific in a global quarterly survey measuring job satisfaction.
Almost half (46 per cent) of employees in Singapore say they are not satisfied in their current job, only behind Japan (56 per cent), according to the Q2 Randstad Workmonitor survey released on Tuesday (June 17). Employees in India ranked the highest, with 80 per cent saying they are happy where they are.
Highest proportion of satisfied employees (Asia-Pacific):
India
Malaysia
Hong Kong
China
New Zealand
Australia
Singapore
Japan
Of the 5,670 employees surveyed in Singapore, 75 per cent say they view their job only as a way to make a living and nothing more. The majority also said they would not hesitate to change jobs if they could make more money (80 per cent), improve their career opportunities (78 per cent) or if they found a job that better matched their educational backgrounds (71 per cent).
The study was conducted between April 16 and May 6 via an online questionnaire of respondents aged 18-65, working a minimum of 24 hours a week in a paid job, who are not self-employed. The minimal sample size is 400 interviews per country, using Survey Sampling International.
- CNA/es
- wong chee tat :)
Hiring outlook: More short-term contracts on the cards
Hiring outlook: More short-term contracts on the cards
Labour market watchers say companies in Singapore may increase headcount in the coming months, as economic activity picks up towards the year-end. However, they expect that some of the hiring will lean towards short-term contracts.
SINGAPORE: With economic growth seen picking up, after a weaker than expected start to the year, firms may be more willing to hire towards the year-end. Human Capital Singapore, the national human resource training centre, says vacancies may open up in banking and finance, among other sectors.
"If you look at some statistics that were released in the market, it has indicated that at least about 53 per cent have indicated that they will hire more. And out of this 53 per cent, 33 per cent of them are saying that, they are looking at, at least hiring another 10 additional headcounts," said Chief Executive of Human Capital Singapore, Ms Ho Geok Choo.
With foreign worker limits in place, service-oriented industries like food and beverage may feel the squeeze. And so, to cope during busy festive seasons, more firms may look at stop-gap solutions.
"What is very fashionable nowadays is where, they are beginning to bring in people on a short-term basis - that means contract-for-service, rather than contract-of-service. So they might hire them for six months to 12 months," Ms Ho said.
However, one sector with a tepid hiring outlook may be manufacturing, with growth relatively sluggish as firms restructure.
"There is drag coming from the electronics cluster in the overall manufacturing sector. On the other hand, we are seeing some upside surprise coming from the pharmaceutical cluster, as well as the marine, offshore marine engineering cluster," said Mr Irvin Seah, a senior economist at DBS Bank. "But that being said, these two clusters tend to be quite volatile."
Economists expect the unemployment rate to be 1.9 per cent at the end of 2014. This, they say, is pretty much a situation of full employment, which means there'll be no letup in the tightness of the labour market.
- CNA/ly
- wong chee tat :)
Labour market watchers say companies in Singapore may increase headcount in the coming months, as economic activity picks up towards the year-end. However, they expect that some of the hiring will lean towards short-term contracts.
SINGAPORE: With economic growth seen picking up, after a weaker than expected start to the year, firms may be more willing to hire towards the year-end. Human Capital Singapore, the national human resource training centre, says vacancies may open up in banking and finance, among other sectors.
"If you look at some statistics that were released in the market, it has indicated that at least about 53 per cent have indicated that they will hire more. And out of this 53 per cent, 33 per cent of them are saying that, they are looking at, at least hiring another 10 additional headcounts," said Chief Executive of Human Capital Singapore, Ms Ho Geok Choo.
With foreign worker limits in place, service-oriented industries like food and beverage may feel the squeeze. And so, to cope during busy festive seasons, more firms may look at stop-gap solutions.
"What is very fashionable nowadays is where, they are beginning to bring in people on a short-term basis - that means contract-for-service, rather than contract-of-service. So they might hire them for six months to 12 months," Ms Ho said.
However, one sector with a tepid hiring outlook may be manufacturing, with growth relatively sluggish as firms restructure.
"There is drag coming from the electronics cluster in the overall manufacturing sector. On the other hand, we are seeing some upside surprise coming from the pharmaceutical cluster, as well as the marine, offshore marine engineering cluster," said Mr Irvin Seah, a senior economist at DBS Bank. "But that being said, these two clusters tend to be quite volatile."
Economists expect the unemployment rate to be 1.9 per cent at the end of 2014. This, they say, is pretty much a situation of full employment, which means there'll be no letup in the tightness of the labour market.
- CNA/ly
- wong chee tat :)
Thursday, June 12, 2014
Ex-NUS law professor Tey seeks reinstatement of academic position
Ex-NUS law professor Tey seeks reinstatement of academic position
High Court order filed to reverse former NUS law professor Tey Tsun Hang's ‘wrongful’ dismissal following his subsequently-overturned corruption conviction.
Ex-NUS Professor Tey Tsun Hang (Photo: TODAY)
SINGAPORE: Former National University of Singapore (NUS) law professor Tey Tsun Hang has applied to the High Court to have his dismissal from duty quashed and to be reinstated.
Mr Tey is alleging that NUS did not carry out any disciplinary proceedings against him and had based the decision to dismiss him on the trial court conviction.
In his affidavit tendered to the court last week, Mr Tey said NUS had “jumped the gun” in its decision.
“The NUS cannot dismiss a tenured law professor based on conviction declared by the High Court to be misconceived and mistake, a conviction based on evidence misconstrued and its significance misunderstood,” he said.
In response to this, NUS said on Wednesday (June 11) that under the terms and conditions of Mr Tey's appointment, termination may be effected without prior notice and without any payment of compensation should he be convicted by a court of law of any crime that is likely to bring the university into disrepute.
The university can also exercise its rights of summary dismissal should Mr Tey be guilty of misconduct or impropriety, a spokesman added. "NUS takes a very strong stand against faculty who behave in a grossly inappropriate manner in their interactions with our students. Under our Code of Conduct, University staff are expected to conduct themselves with honesty and propriety, and perform their duties in a professional and conscientious manner."
Mr Tey was suspended from his post on July 27, 2012 after he was charged for alleged misconduct with his then-student Darinne Ko.
He was officially dismissed on May 28, 2013 upon the oral delivery judgment of his conviction which was later overturned in February this year.
Mr Tey is currently unemployed and is living in Malaysia, with his lawyer M Ravi adding that Tey feels “aggrieved” about the situation.
-TODAY/ek
- wong chee tat :)
High Court order filed to reverse former NUS law professor Tey Tsun Hang's ‘wrongful’ dismissal following his subsequently-overturned corruption conviction.
Ex-NUS Professor Tey Tsun Hang (Photo: TODAY)
SINGAPORE: Former National University of Singapore (NUS) law professor Tey Tsun Hang has applied to the High Court to have his dismissal from duty quashed and to be reinstated.
Mr Tey is alleging that NUS did not carry out any disciplinary proceedings against him and had based the decision to dismiss him on the trial court conviction.
In his affidavit tendered to the court last week, Mr Tey said NUS had “jumped the gun” in its decision.
“The NUS cannot dismiss a tenured law professor based on conviction declared by the High Court to be misconceived and mistake, a conviction based on evidence misconstrued and its significance misunderstood,” he said.
In response to this, NUS said on Wednesday (June 11) that under the terms and conditions of Mr Tey's appointment, termination may be effected without prior notice and without any payment of compensation should he be convicted by a court of law of any crime that is likely to bring the university into disrepute.
The university can also exercise its rights of summary dismissal should Mr Tey be guilty of misconduct or impropriety, a spokesman added. "NUS takes a very strong stand against faculty who behave in a grossly inappropriate manner in their interactions with our students. Under our Code of Conduct, University staff are expected to conduct themselves with honesty and propriety, and perform their duties in a professional and conscientious manner."
Mr Tey was suspended from his post on July 27, 2012 after he was charged for alleged misconduct with his then-student Darinne Ko.
He was officially dismissed on May 28, 2013 upon the oral delivery judgment of his conviction which was later overturned in February this year.
Mr Tey is currently unemployed and is living in Malaysia, with his lawyer M Ravi adding that Tey feels “aggrieved” about the situation.
-TODAY/ek
- wong chee tat :)
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 :)
Tuesday, February 11, 2014
Barclays Cuts Up to 12,000 Jobs as Quarterly Profit Falls
Barclays Cuts Up to 12,000 Jobs as Quarterly Profit Falls
By Howard Mustoe and Gavin Finch Feb 11, 2014 8:36 PM GMT+0800 7 Comments Email Print
Barclays Plc (BARC), the U.K.’s second-biggest bank by assets, will eliminate as many as 12,000 jobs this year after fourth-quarter profit tumbled.
About 7,000 of the cuts will be in the U.K., Chief Executive Officer Antony Jenkins told reporters on a conference call today. Adjusted pretax profit fell to 191 million pounds ($314 million) in the fourth quarter from 1.4 billion pounds in the year-earlier period, Barclays said. The bank will set aside 2.4 billion pounds for 2013 bonuses, up from 2.17 billion pounds.
Jenkins is cutting jobs to remove 1.7 billion pounds of costs by 2015 as the bank faces charges relating to litigation and regulatory penalties and regulators impose tougher rules on capital. The cuts may need to step up if the lender wants to compete with investment banks in the U.S., said Chirantan Barua, an analyst at at Sanford C. Bernstein Ltd. in London
“To be serious they structurally need to cut 15 to 20 percent of managing directors, straight off,” said Barua, who has a market perform rating on the stock. “The cost-cutting story from Barclays will get even more painful given the recovery of the U.S. broker-dealers.”
Cost Target
The stock dropped 5.2 percent to 260.6 pence by 11:33 a.m. in London trading today. The bank has fallen 6.7 percent in the past 12 months, lagging behind the FTSE All Share Index’s 8.1 percent advance in the period.
Jenkins said today he’s confident of achieving his cost target even as expenses as a proportion of revenue rose to 71 percent in 2013 from 63 percent in the year-earlier period.
The investment bank had a pretax loss of 329 million pounds in the last three months of the year, compared with a profit of 760 million pounds in the year-earlier period.
Jenkins is cutting costs at the investment bank and demonstrate the lender has changed its culture after the company was fined for manipulating benchmark interest rates. The company said today managing directors’ performance has been assessed against whether they showed “the right values and behaviors.”
Barclays will cut 220 managing directors and 600 director-level employees, Jenkins said. The reductions come after the lender eliminated 7,650 positions in 2013. The bank employed a total of 139,600 people at the end of last year.
Incentive awards at the investment bank rose to 1.57 billion pounds, or about 60,100 pounds for each employee, from 1.39 billion pounds, about 54,500 pounds a person, Barclays said. Jenkins has said he won’t take a bonus for last year.
Competitive Pay
“We pay for performance and we pay competitively,” Jenkins, 52, said in an interview with BBC Radio 4 today. “interview on BBC Radio 4 today. ‘‘We employ people from Singapore to San Francisco -- we compete in global markets for talent. If we’re to act in the best interests of our shareholders we have to ensure that we have the best people in the firm.’’
The company paid 859 million pounds in dividends to investors, or 6.5 pence a share.
‘‘It cannot be right in any business for the executive bonus pool to be nearly three times bigger than the total dividend pay out to the company’s owners,’’ Roger Barker, director of corporate governance at the Institute of Directors, said in an e-mailed statement. He was referring to awards across the bank. ‘‘The question must be asked –-for whom is this institution being run?’’
‘Remain Committed’
Costs as a proportion of revenue ‘‘rose in 2013 mainly as a consequence of reduced income, but we remain committed to achieving a ratio in the mid-50s by 2015,’’ Barclays said.
Fixed-income, currencies and commodities revenue, the single biggest source of income for Barclays’s investment bank, fell by 16 percent in the fourth quarter from the year-earlier period, while income from investment banking, which includes underwriting and mergers advisory, shrank 5 percent, Barclays said.
The five biggest U.S. investment banks saw their total revenue from trading fixed income, currencies and commodities, a mainstay of the business, fall 4.2 percent to $10.2 billion in the fourth quarter, data compiled by Bloomberg Industries show.
Full-year pretax profit at the investment bank declined 37 percent to 2.52 billion pounds from the year-earlier period. That missed the 2.99 billion-pound average analyst estimate compiled by the bank. Revenue declined 9 percent to 10.7 billion pounds.
Regain Trust
Barclays yesterday reported a 26 percent drop in annual adjusted pretax profit to 5.2 billion pounds, missing the 5.4 billion-pound consensus analyst estimate compiled by the bank. Net income was 540 million pounds, compared a loss of 624 million pounds the year earlier as impairments shrank. Adjusted return on average shareholders’ equity, a measure of profitability, declined to 4.5 percent, from 9 percent.
Barclays, which is striving to regain trust following a series of scandals including the manipulation of Libor benchmark interest rates, said last month it would take a 330 million-pound charge relating to penalties and lawsuits in the fourth quarter.
The bank has said it’s in talks with regulators about a possible criminal leak of client account information. As many as 27,000 customer files containing personal and financial information were taken, the Mail on Sunday reported on Feb. 9, citing an unidentified whistle-blower. It’s unclear how the files were stolen, the newspaper said, adding data was sold to brokers to be used for ‘‘investment scams.”
Barclays’s core Tier 1 equity ratio under the latest rules set by the Basel Committee on Banking Supervision fell 30 basis points in the quarter to 9.3 percent. That was 30 basis points below the estimate of Jason Napier, an analyst at Deutsche Bank.
The lender’s capital as a percentage of assets, or leverage ratio, was 3 percent, ahead of its plan to to reach the figure by June. The bank raised 5.8 billion pounds from shareholders in a rights offering in October.
The lender’s wealth and investment management business posted a 73 million-pound loss for the quarter from a 105 million-pound adjusted pretax profit in the year-earlier period.
To contact the reporters on this story: Howard Mustoe in London at hmustoe@bloomberg.net; Gavin Finch in London at gfinch@bloomberg.net
To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net
- wong chee tat :)
By Howard Mustoe and Gavin Finch Feb 11, 2014 8:36 PM GMT+0800 7 Comments Email Print
Barclays Plc (BARC), the U.K.’s second-biggest bank by assets, will eliminate as many as 12,000 jobs this year after fourth-quarter profit tumbled.
About 7,000 of the cuts will be in the U.K., Chief Executive Officer Antony Jenkins told reporters on a conference call today. Adjusted pretax profit fell to 191 million pounds ($314 million) in the fourth quarter from 1.4 billion pounds in the year-earlier period, Barclays said. The bank will set aside 2.4 billion pounds for 2013 bonuses, up from 2.17 billion pounds.
Jenkins is cutting jobs to remove 1.7 billion pounds of costs by 2015 as the bank faces charges relating to litigation and regulatory penalties and regulators impose tougher rules on capital. The cuts may need to step up if the lender wants to compete with investment banks in the U.S., said Chirantan Barua, an analyst at at Sanford C. Bernstein Ltd. in London
“To be serious they structurally need to cut 15 to 20 percent of managing directors, straight off,” said Barua, who has a market perform rating on the stock. “The cost-cutting story from Barclays will get even more painful given the recovery of the U.S. broker-dealers.”
Cost Target
The stock dropped 5.2 percent to 260.6 pence by 11:33 a.m. in London trading today. The bank has fallen 6.7 percent in the past 12 months, lagging behind the FTSE All Share Index’s 8.1 percent advance in the period.
Jenkins said today he’s confident of achieving his cost target even as expenses as a proportion of revenue rose to 71 percent in 2013 from 63 percent in the year-earlier period.
The investment bank had a pretax loss of 329 million pounds in the last three months of the year, compared with a profit of 760 million pounds in the year-earlier period.
Jenkins is cutting costs at the investment bank and demonstrate the lender has changed its culture after the company was fined for manipulating benchmark interest rates. The company said today managing directors’ performance has been assessed against whether they showed “the right values and behaviors.”
Barclays will cut 220 managing directors and 600 director-level employees, Jenkins said. The reductions come after the lender eliminated 7,650 positions in 2013. The bank employed a total of 139,600 people at the end of last year.
Incentive awards at the investment bank rose to 1.57 billion pounds, or about 60,100 pounds for each employee, from 1.39 billion pounds, about 54,500 pounds a person, Barclays said. Jenkins has said he won’t take a bonus for last year.
Competitive Pay
“We pay for performance and we pay competitively,” Jenkins, 52, said in an interview with BBC Radio 4 today. “interview on BBC Radio 4 today. ‘‘We employ people from Singapore to San Francisco -- we compete in global markets for talent. If we’re to act in the best interests of our shareholders we have to ensure that we have the best people in the firm.’’
The company paid 859 million pounds in dividends to investors, or 6.5 pence a share.
‘‘It cannot be right in any business for the executive bonus pool to be nearly three times bigger than the total dividend pay out to the company’s owners,’’ Roger Barker, director of corporate governance at the Institute of Directors, said in an e-mailed statement. He was referring to awards across the bank. ‘‘The question must be asked –-for whom is this institution being run?’’
‘Remain Committed’
Costs as a proportion of revenue ‘‘rose in 2013 mainly as a consequence of reduced income, but we remain committed to achieving a ratio in the mid-50s by 2015,’’ Barclays said.
Fixed-income, currencies and commodities revenue, the single biggest source of income for Barclays’s investment bank, fell by 16 percent in the fourth quarter from the year-earlier period, while income from investment banking, which includes underwriting and mergers advisory, shrank 5 percent, Barclays said.
The five biggest U.S. investment banks saw their total revenue from trading fixed income, currencies and commodities, a mainstay of the business, fall 4.2 percent to $10.2 billion in the fourth quarter, data compiled by Bloomberg Industries show.
Full-year pretax profit at the investment bank declined 37 percent to 2.52 billion pounds from the year-earlier period. That missed the 2.99 billion-pound average analyst estimate compiled by the bank. Revenue declined 9 percent to 10.7 billion pounds.
Regain Trust
Barclays yesterday reported a 26 percent drop in annual adjusted pretax profit to 5.2 billion pounds, missing the 5.4 billion-pound consensus analyst estimate compiled by the bank. Net income was 540 million pounds, compared a loss of 624 million pounds the year earlier as impairments shrank. Adjusted return on average shareholders’ equity, a measure of profitability, declined to 4.5 percent, from 9 percent.
Barclays, which is striving to regain trust following a series of scandals including the manipulation of Libor benchmark interest rates, said last month it would take a 330 million-pound charge relating to penalties and lawsuits in the fourth quarter.
The bank has said it’s in talks with regulators about a possible criminal leak of client account information. As many as 27,000 customer files containing personal and financial information were taken, the Mail on Sunday reported on Feb. 9, citing an unidentified whistle-blower. It’s unclear how the files were stolen, the newspaper said, adding data was sold to brokers to be used for ‘‘investment scams.”
Barclays’s core Tier 1 equity ratio under the latest rules set by the Basel Committee on Banking Supervision fell 30 basis points in the quarter to 9.3 percent. That was 30 basis points below the estimate of Jason Napier, an analyst at Deutsche Bank.
The lender’s capital as a percentage of assets, or leverage ratio, was 3 percent, ahead of its plan to to reach the figure by June. The bank raised 5.8 billion pounds from shareholders in a rights offering in October.
The lender’s wealth and investment management business posted a 73 million-pound loss for the quarter from a 105 million-pound adjusted pretax profit in the year-earlier period.
To contact the reporters on this story: Howard Mustoe in London at hmustoe@bloomberg.net; Gavin Finch in London at gfinch@bloomberg.net
To contact the editor responsible for this story: Keith Campbell at k.campbell@bloomberg.net
- wong chee tat :)
Tuesday, November 5, 2013
Monday, October 28, 2013
Saturday, October 26, 2013
2 in 5 S'pore workers asked to do things unrelated to job scope
2 in 5 S'pore workers asked to do things unrelated to job scope
By John Leong
POSTED: 24 Oct 2013 12:33
UPDATED: 24 Oct 2013 23:36
Nearly two in five Singapore workers have received requests from their bosses that have nothing to do with their main job scope. 21 per cent of respondents said the requests were downright absurd.
SINGAPORE: Would you dress up as a superhero to meet clients?
Or take the rap for your boss's traffic offence?
These are just two examples cited by employees of their bosses' requests in a survey conducted by JobsCentral, a job portal.
The survey found that nearly two in five Singapore workers have received requests from their bosses that have nothing to do with their main job scope.
21 per cent of respondents said the requests were downright absurd.
Over 3,500 Singapore workers were surveyed from May to June this year.
The survey found that Generation X workers are most likely to be called upon by bosses to do non-work-related tasks.
Men are more likely than women to report taking on tasks outside their job description.
Workers from small and medium companies (SMEs) appeared to make more of such non-work-related requests.
Bosses in the construction industry are more likely to ask their subordinates to run personal errands.
This is followed by the manufacturing and services industries.
Other absurd requests made by bosses included doing homework for the boss' children, and waiting in the boss' car and keeping a lookout for summons officers as the vehicle was illegally parked.
- CNA/xq/nd
- wong chee tat :)
By John Leong
POSTED: 24 Oct 2013 12:33
UPDATED: 24 Oct 2013 23:36
Nearly two in five Singapore workers have received requests from their bosses that have nothing to do with their main job scope. 21 per cent of respondents said the requests were downright absurd.
SINGAPORE: Would you dress up as a superhero to meet clients?
Or take the rap for your boss's traffic offence?
These are just two examples cited by employees of their bosses' requests in a survey conducted by JobsCentral, a job portal.
The survey found that nearly two in five Singapore workers have received requests from their bosses that have nothing to do with their main job scope.
21 per cent of respondents said the requests were downright absurd.
Over 3,500 Singapore workers were surveyed from May to June this year.
The survey found that Generation X workers are most likely to be called upon by bosses to do non-work-related tasks.
Men are more likely than women to report taking on tasks outside their job description.
Workers from small and medium companies (SMEs) appeared to make more of such non-work-related requests.
Bosses in the construction industry are more likely to ask their subordinates to run personal errands.
This is followed by the manufacturing and services industries.
Other absurd requests made by bosses included doing homework for the boss' children, and waiting in the boss' car and keeping a lookout for summons officers as the vehicle was illegally parked.
- CNA/xq/nd
- wong chee tat :)
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