OCBC Graduate Talent Programme 2019 (Previously Young Banker)

Originally Posted by Unregistered

Don't know where you got your source from regarding OCBC freezing headcount. Anyway, even without the three local banks promising not to cut jobs during this crisis, they already have a reputation of offering high job stability. Vis-a-vis most international banks and especially the bulge bracket, two things stand out. One, their much lower retrenchment rates and two, the much higher average tenure of their employees. This means great job stability, but that's just one side of the coin. The flip side is the much lower bonus payouts, generally inferior salaries and lack of dynamism. You cannot have your cake and eat it; if you pledge zero job cuts, that means even your bottom performers don't get cut and that means deadweight that you can't shed. While many companies are busy restructuring and retrenching to stay competitive and better position themselves for the eventual recovery, the three local banks have decided to take a different approach. This approach is reflective of the broader Asian boomer culture within the local banks, which is characterised by risk aversion, rigidity and resistance to change. When you join a local bank, you are choosing stability over dynamism.

stability is a nice way of saying, cannot jump out because no one wants you.
'stuck' is another perspective.

Whether one gets 'stuck' in a local bank largely depends on how long one has been there. Basically the longer one remains in a local bank, the more 'stuck' one becomes. However, a local banking job can be used as a stepping stone to more lucrative jobs elsewhere. Many fresh grads realise this and that is exactly what they do, especially through the programmes (e.g. DBS Graduate Associate Programme, OCBC Graduate Talent Programme etc.). Spending more than 5 years in a local bank is not ideal for the driven, aspiring local uni grad over the long term, in terms of career and salary progression. This is because these banks are less meritocratic than hierarchical. On one end of this spectrum, you have the purely performance-driven corporate culture typified by many big American firms, on the other the hierarchical one embodied in Japanese firms where the number of years worked counts more towards your progression than work performance. The local banks' corporate culture tends toward the latter. Also, the increment and bonus given for most functions within these banks are inferior to their counterparts in the likes of HSBC, Citibank, JPM etc. The only exception that I can think of would be retail banking RMs, because their salaries and bonuses are largely commission-based and the commission structure is broadly similar across all banks licensed to deal in retail banking products in Singapore. If you're in corporate banking, the gap between the local banks and big foreign banks is even wider. Firstly, the local banks mainly serve local SMEs. The needs of such companies and the financial services they require are nowhere near as sophisticated as that of MNCs. Secondly, the local banks lack a global presence. Most of their presence is concentrated in Asia, with only a few token branches outside of it. This means that they are not able to support truly global companies that operate across vast geographies as well as a global bank. Think of it like a gym membership. If you're a jet-setting executive who has to fly all over the world, you'll want to sign up to a gym that has outlets all over the world rather than one that only operates locally. So even the MNCs that the local banks service tend not to be the big boys. So if you're an AVP or above doing corporate banking in a local bank, you're quite stuck. Even if you've been servicing big corporates, your experience and exposure are pretty local. Worse if you're in SME banking.

Originally Posted by Unregistered

Whether one gets 'stuck' in a local bank largely depends on how long one has been there. Basically the longer one remains in a local bank, the more 'stuck' one becomes. However, a local banking job can be used as a stepping stone to more lucrative jobs elsewhere. Many fresh grads realise this and that is exactly what they do, especially through the programmes (e.g. DBS Graduate Associate Programme, OCBC Graduate Talent Programme etc.). Spending more than 5 years in a local bank is not ideal for the driven, aspiring local uni grad over the long term, in terms of career and salary progression. This is because these banks are less meritocratic than hierarchical. On one end of this spectrum, you have the purely performance-driven corporate culture typified by many big American firms, on the other the hierarchical one embodied in Japanese firms where the number of years worked counts more towards your progression than work performance. The local banks' corporate culture tends toward the latter. Also, the increment and bonus given for most functions within these banks are inferior to their counterparts in the likes of HSBC, Citibank, JPM etc. The only exception that I can think of would be retail banking RMs, because their salaries and bonuses are largely commission-based and the commission structure is broadly similar across all banks licensed to deal in retail banking products in Singapore. If you're in corporate banking, the gap between the local banks and big foreign banks is even wider. Firstly, the local banks mainly serve local SMEs. The needs of such companies and the financial services they require are nowhere near as sophisticated as that of MNCs. Secondly, the local banks lack a global presence. Most of their presence is concentrated in Asia, with only a few token branches outside of it. This means that they are not able to support truly global companies that operate across vast geographies as well as a global bank. Think of it like a gym membership. If you're a jet-setting executive who has to fly all over the world, you'll want to sign up to a gym that has outlets all over the world rather than one that only operates locally. So even the MNCs that the local banks service tend not to be the big boys. So if you're an AVP or above doing corporate banking in a local bank, you're quite stuck. Even if you've been servicing big corporates, your experience and exposure are pretty local. Worse if you're in SME banking.

stepping stone is one way of looking at it.

another way is, it's nobody's first choice.

Originally Posted by Unregistered

stepping stone is one way of looking at it.

another way is, it's nobody's first choice.

From the way u reply, i suppose u are the same person who posted #261

Why do u need to be so spiteful and pour cold water on graduates who join local banks? Yes, local banks are not people’s first choice but so what? There are only xx number of slots in the foreign banks. Logically, what do u suggest then if they did not get offered? Obviously those that didnt manage to get these roles will apply to the local banks.

Is there really a need to make derogatory remarks about people in the local banks? Or are you making these remarks to feed ur ego of working in a foreign bank? Yes, we all know that foreign banks have a certain “prestige” over the local banks but aren’t these people still working a decent job? This is after all their first job upon graduation so let them explore along the way. Since you sound like you are knowledgeable in the banking field, maybe u could provide useful insights like what post #262 shared.

Good luck to everyone!

in this environment, good ****ing luck to u if you are in a foreign bank

Originally Posted by Unregistered

From the way u reply, i suppose u are the same person who posted #261

Why do u need to be so spiteful and pour cold water on graduates who join local banks? Yes, local banks are not people’s first choice but so what? There are only xx number of slots in the foreign banks. Logically, what do u suggest then if they did not get offered? Obviously those that didnt manage to get these roles will apply to the local banks.

Is there really a need to make derogatory remarks about people in the local banks? Or are you making these remarks to feed ur ego of working in a foreign bank? Yes, we all know that foreign banks have a certain “prestige” over the local banks but aren’t these people still working a decent job? This is after all their first job upon graduation so let them explore along the way. Since you sound like you are knowledgeable in the banking field, maybe u could provide useful insights like what post #262 shared.

Good luck to everyone!

Whether I'm being spiteful or speaking the truth, it's up to you to decide. You feel that you want to feel. I don't need to feed my ego. No one is putting anyone's career down, just stating facts that's all.

You seem unable to take criticism. You probably work in local bank.

Heehee!

Originally Posted by Unregistered

in this environment, good ****ing luck to u if you are in a foreign bank

Only poor performers are worried for their jobs.

High flyers will always be in demand. They will always have doors open for them

Originally Posted by Unregistered

in this environment, good ****ing luck to u if you are in a foreign bank

agree but pledging no retrenchments like dbs, ocbc and uob means they cant use this period to restructure and emerge stronger and more competitive. end of the day, it's the duds in these 3 banks who will profit from this crisis and make no mistake, there are more of them in the local banks than in any other bank. this crisis aint going to affect them since they cant get retrenched and whatever bonus these banks can cut from them is already small to start with.

Originally Posted by Unregistered

Only poor performers are worried for their jobs.

High flyers will always be in demand. They will always have doors open for them

Extremely well-said. There are more foreign banks than local ones here. Everyone knows the fastest way up the ladder in foreign banks is to play musical chairs and make D/MD and then move to the local banks. Majority of the senior management in the 3 local banks are hired from foreign banks.

hi anyone knows what's the average pay for a second lower grad student in one of the local unis?