that last post has got to be one of the most myopic and short sighted statements ever. last i checked, financial services only constitutues only 10% of the singaporean workforce. front-office employees probably constitute something like 30 to 40% of that 10%.

granted that the people in these positions do make a lot and will face the brunt of the layoffs, but this financial sector sickness will inevitably affect the real economy - tourism, manufacturing, construction et al. your typical SME is going to have a tough time getting a loan for any capital expansion. so business will be down and most employees in any sort of cyclical business will be looking at a lower salary/bonus this year. not to mention that your investments will be losing money as well. why bother to rejoice in other people's plight when you are possibly going to get less yourself?

talk about cutting off the nose to spite the face.