Hearsay statements: please accord weight by your own judgment. My friends inform me many banks most the foreign one taking measure to reduce headcount especially from the front office ( meaning the IB ,traders and bankers). The banks are not into massive retrenchment that attract media reports but allowing staff to either retire early, voluntarily quit, those on contract to lapse and reduce new recruits.

This being a forum on legal profession, you can related this to the many law firms doing wall street work in Singapore. Understandably while they won't retrench, many are slashing bonuses, reducing new associate pay and simply retain less trainees. ( in line with the many sentiments reflect by some posters in this forum who appears to be insiders of the legal industry)