Banking sector: big job cuts, wage cuts

[downgrader]

From Today page 2

What does the future hold?

Construction and property
Financing of projects is a key concern, according to OCBC Investment Research.

“We believe that the current pullback in property prices could see banks continue to reduce their exposure to the property sector thus compounding the credit crunch on those developers in need of funding,” OCBC said.

Jones LangLasalle’s head of South-east Asia research, Dr Chua Yang Liang, said there would be a downward trend in property prices in the next two to three quarters because of weak sentiment.

Despite a resource crunch in the construction sector that has prompted the
Government to defer some $4.7 billion in public sector projects to 2010 and beyond, the outlook for the industry is not looking rosy.

Westcomb Securities analyst Wong Say Tian said: “Going into 2009, it will be a big question mark due to the uncertainty in releasing the projects that have already been postponed by the Government.”


Financial sector
Amid expectations of slower non-interest income and rising provisions, CIMB-GK Research is cutting Singapore banks’ earnings by 5 per cent for 2009
and 5.6 per cent for 2010.

But it says Singapore’s prudent banking framework and Asia’s distance from the epicentre of the financial earthquake will shield banks here from the worst of the meltdown.

Mr Daniel Soh, economist from Forecast, said: “Wages in this sector are the most overpriced. We may see increasing layoffs and massive wage cuts for those who manage to fend off retrenchment.”

Manufacturing sector
Singapore’s move to ease its policy on the local dollar may come as a relief for manufacturers as the global demand outlook becomes gloomier.
Mr Renny Yeo, president of Singapore’s Manufacturing Federation, said local products could become more competitively priced.

He added: “The electronics and consumer related products have been hit hard due to the fall in global demand. The easing of the monetary
policy by the MAS could be very good news for the manufacturers in the export market.”

However, Ms Selena Ling, head of treasury research and strategy from OCBC, said: “If anything, I think that the easing is short of market expectations and there will not be a very big impact for the manufacturing sector.” Kelvin Chow

 

[madmansg]

maybe will join the downgrader club. I am member since first day in NS.

 

[eeoror88]

As the Chinese saying goes : When the horse dies, you still have get down on the ground to walk to your destination.

Retrenched workers can still work at the shipyards.

 

[DIVISION1]

Dear moniker madmansg, I feel that you feel injustice has been done to you through your contribution in national service. Injustice is relative. Perhaps, if you are to come out and petition for females citizens to participate in national service, this injustice may become balanced or you could come out and petition against national service altogether. Over action may product more concrete results than keeping your frustration in your heart.

 

[madmansg]

my contribution is best in ideas and theories. Let others move the crowd , abolish NS and take over parliment. That is not where my destiny lies.

 

[makapaaa]

>>>"I think that the easing is short of market expectations and there will not be a very big impact for the manufacturing sector.” <<<

And is this this best the BEST paid govt can do?

 

[DerekLeung]

The best paid talking parrots that this generation of Singaporeans have seen !

 

[downgrader]

fresh 20-something grads who sell mini-bond will get retrenched, but they can't become insurance agents or property agents

and they cant even drive taxis, who want to take taxis

what would these youngsters do, i wonder, good for character training though

 

[DIVISION1]

The young in Singapore need training that our forefathers went through.

 

[eeoror88]

The young in Singapore need training that our forefathers went through.

As the Chinese saying goes : When the horse dies, you still have get down on the ground to walk to your destination.

Retrenched workers can still work at the shipyards.

 

[Leongsam]

From Today page 2

What does the future hold?

Job cuts in the banking industry are a good thing. Too many people idle their time away as bank employees. They can do something more productive for a change.

 

[JinGanKor]

>>>"I think that the easing is short of market expectations and there will not be a very big impact for the manufacturing sector.” <<<

And is this this best the BEST paid govt can do?

no, they can do alot of things like increase their salary to help the economoy.

 

[JinGanKor]

Job cuts in the banking industry are a good thing. Too many people idle their time away as bank employees. They can do something more productive for a change.

for the 1st time i agree with u. Some of my cousins and friends are in the banking sector.

They have long annual leaves, like 24days or more.
While some of them just basically go back to show face, sign some documents and wayang abit here and there, collect big pay check end of the month and fat bonus end of the year.

Individual claims of ridiculous amount from phone bills, taxi bills and even entertainment bills and yet they are approved.