This month, two banks have retrenched its staff. One of them is doing it worldwide (a quick check on the internet will tell you which bank it is). The other bank is pulling its back and middle office out of Singapore (this is a smaller bank but those keeping in touch with business news will know).

All the indicators about the financial services show that its contracting.

I'm not saying that financial and banking sector is not lucrative. Some banks are expanding, yesterday a headhunter called me for a position in the sector. But my point is that one should evaluate the ups and downs of the industry carefully using concrete data and reasons.

I can't help but emphasize that sweeping hearsays from others (including the naysayers) do not assist but muddle the picture.