Chitchat MAS Urges UBS, Credit Suisse to Responsibly Leetrench Sinkie Bankers in Merger

[Pinkieslut]

MAS urges UBS, Credit Suisse to handle Singapore jobs ‘responsibly’ after takeover​

MON, JUN 12, 2023 - 07:27 PM

Monetary Authority of Singapore​

MAS notes that there will be no interruptions to the day-to-day proceedings of UBS and Credit Suisse’s Singapore operations as the banks will continue to operate here under separate licences.

PHOTO: AFP
THE Monetary Authority of Singapore (MAS) is monitoring the implications for jobs in Swiss investment banks UBS and Credit Suisse following UBS’ legal takeover of its former rival on Monday (Jun 12), and has conveyed its expectation for the banks to “handle this responsibly”.
“The banks are working out the details of the manpower implications. MAS will work with relevant stakeholders to proactively address any impact on employment,” said the Singapore central bank and financial regulatory authority.
It noted that there will be no interruptions to the day-to-day proceedings of the two banks’ Singapore operations, since the banks will continue to operate here under separate licences.

MAS added that the entities have put in place governance structures to monitor and facilitate the orderly integration of the Singapore operations. Their primary activities in Singapore remain private banking and investment banking, it stated.
MAS also said that it remains in close contact with the banks’ parent supervisory authority, the Swiss Financial Market Supervisory Authority (Finma), as well as the banks themselves on the integration.
Finma separately issued a statement on Monday, stating that the legal completion brings clarity and stability for the two banks and their clients.

 

[LexLuthor]

Transfer all the retrenched CECAs to CECA strongholds - DBS, Stanchart and Citi.

 

[blackmondy]

Telling a bank to retrench responsibly is like telling a rapist to rape gently.

 

[A Singaporean]

Yes Sinkies must be retrenched but keep CECAs.

 

[Loofydralb]

Yes, also please remember to responsibly vote out PAP next GE.

 

[laksaboy]

They have really mastered the art of saying something without saying anything, and feigning concern for the peasants.

 

[Unbeatable]

Poor Sinkies, get screwed again. Bye Bye...

 

[borom]

MAS conveyed its expectation for the banks to “handle this responsibly”.
Handle this responsibly means what? Meaningless without elaboration, such a world class statement.
We should elect a new govt which will put in place a new law stating clearly that for any locals who are retrenched but a foreigner with the same job are not , the bank need to provide detailed justification according to a set of pre established guidelines set by MAS.
At the moment there is nothing to stop a company from retrenching all locals and keep all foreigners to save on CPF.
I urge all locals to retrench the PAP in the next election so they knows how it feels to be jobless and powerless

 

[syed putra]

Credit suisse is from the french part of switzerland. UBS is german.

 

[congo9]

They have really mastered the art of saying something without saying anything, and feigning concern for the peasants.

Singkies are stupid n powerless. Why pap need to be afraid?

Give you $200 and keep your mouth shut .