Business vs Engineering Degree

Originally Posted by Unregistered

Is UOB a pure investment bank? Most of their staff are in other functions and IB portion is minimal part of their workforce. UOB, DBS, OCBC, HSBC, Stanchart have large non-IB workforce. This banking model is generally more resilient. Especially since the last crisis started in the US and was pretty much a v shaped recovery. Hence perhaps why you don't get the impression that alot of finance jobs were lost.

The impression that IB is cyclical and "hire/fire" is a more accurate depiction. There is an articile this morning in the papers talking about 200,000 jobs being lost globally. Whilst this maybe small compared to the total % of financial services workforce, this is just the start. The physical economy has not been really hit yet. The brunt of cuts are yet to come.

I was in a US I.bank during the sub-prime, 2/3 of staff lost their jobs. The floor was 2/3 empty.

Now, I'm in another bank. Yesterday, all the HR meeting rooms were fully booked for staff cuts.

People are getting laid off as we speak.

Now I am

come on mike. you are overplaying the lay offs that are to come, and if they come anyway. Look at the number of private wealth holders in Sg. Look at the number of people in Sg now. They are completely different compared to 13 yrs ago, that is, you are talking about Asian Financial era.

13 yrs ago, we only had about 3 million people. Now, double of that. The income capital per household and individual are different as of yester years. Not being proud to say but we are living in moments of good times.

I've heard many doomsday speech about how shattered the market would be, and how low the property prices could be. But come on. Things never gone that way. These speech, if you would excuse me, are propelled by speakers so that the majority public would not buy in and stay out, while the smart investors hoard their stakes. Even during the subprime period, Sg was not too badly affected.

About property prices going through correction, come on again. We are so much different from USA, simply because we are so densely populated. In other countries, if the house became too expensive, they could just build one that costs cheaper. But in Sg, we have an important factor - land. We don't have the luxury of land as compared to USA. Even if the materials used to build the house are cheapen, the land value is always there, unlike foreign countries. I mean, where else are the people going to stay? Where there's demand, there's compeition and prices will continue to level up.

So, please quit all these negative speech to downplay the sentiments. We are not going to have a repeat of the financial crises. Even if a correction really comes, the bounce back is always just as fast.

Remember Japan. The recession that hit them and make them have a lost decade doesn't really fuzz them. They are still the richest household per capita. So much for recession, mike.

Originally Posted by Unregistered

come on mike. you are overplaying the lay offs that are to come, and if they come anyway. Look at the number of private wealth holders in Sg. Look at the number of people in Sg now. They are completely different compared to 13 yrs ago, that is, you are talking about Asian Financial era.

13 yrs ago, we only had about 3 million people. Now, double of that. The income capital per household and individual are different as of yester years. Not being proud to say but we are living in moments of good times.

I've heard many doomsday speech about how shattered the market would be, and how low the property prices could be. But come on. Things never gone that way. These speech, if you would excuse me, are propelled by speakers so that the majority public would not buy in and stay out, while the smart investors hoard their stakes. Even during the subprime period, Sg was not too badly affected.

About property prices going through correction, come on again. We are so much different from USA, simply because we are so densely populated. In other countries, if the house became too expensive, they could just build one that costs cheaper. But in Sg, we have an important factor - land. We don't have the luxury of land as compared to USA. Even if the materials used to build the house are cheapen, the land value is always there, unlike foreign countries. I mean, where else are the people going to stay? Where there's demand, there's compeition and prices will continue to level up.

So, please quit all these negative speech to downplay the sentiments. We are not going to have a repeat of the financial crises. Even if a correction really comes, the bounce back is always just as fast.

Remember Japan. The recession that hit them and make them have a lost decade doesn't really fuzz them. They are still the richest household per capita. So much for recession, mike.

That means young people are f*cked. They will forever be slaves to their apartments, forever hoping prices will fall when they haven't bought, but forever hoping prices will keep rising once they buy so they can hopefully cash out and retire, which will never happen cos they'll upgrade to be bigger slaves.

Originally Posted by Unregistered

come on mike. you are overplaying the lay offs that are to come, and if they come anyway. Look at the number of private wealth holders in Sg. Look at the number of people in Sg now. They are completely different compared to 13 yrs ago, that is, you are talking about Asian Financial era.

13 yrs ago, we only had about 3 million people. Now, double of that. The income capital per household and individual are different as of yester years. Not being proud to say but we are living in moments of good times.

I've heard many doomsday speech about how shattered the market would be, and how low the property prices could be. But come on. Things never gone that way. These speech, if you would excuse me, are propelled by speakers so that the majority public would not buy in and stay out, while the smart investors hoard their stakes. Even during the subprime period, Sg was not too badly affected.

About property prices going through correction, come on again. We are so much different from USA, simply because we are so densely populated. In other countries, if the house became too expensive, they could just build one that costs cheaper. But in Sg, we have an important factor - land. We don't have the luxury of land as compared to USA. Even if the materials used to build the house are cheapen, the land value is always there, unlike foreign countries. I mean, where else are the people going to stay? Where there's demand, there's compeition and prices will continue to level up.

So, please quit all these negative speech to downplay the sentiments. We are not going to have a repeat of the financial crises. Even if a correction really comes, the bounce back is always just as fast.

Remember Japan. The recession that hit them and make them have a lost decade doesn't really fuzz them. They are still the richest household per capita. So much for recession, mike.

Wah, I totally agreed with you. Give me a "5".

I m scratching my head why you are have such violent outburst. Previous poster is merely talking about banking industry current state of contraction.
Nothing in the previous post talks about property prices.
Anyway people are not so navie to base their property purchase on these forum talk. If got money then go ahead and buy one ot two. If not , just get BTO, then climb the property ladder step by step - this is typical singaporeans style. Just dont leveraged too much

Originally Posted by Unregistered

come on mike. you are overplaying the lay offs that are to come, and if they come anyway. Look at the number of private wealth holders in Sg. Look at the number of people in Sg now. They are completely different compared to 13 yrs ago, that is, you are talking about Asian Financial era.

13 yrs ago, we only had about 3 million people. Now, double of that. The income capital per household and individual are different as of yester years. Not being proud to say but we are living in moments of good times.

I've heard many doomsday speech about how shattered the market would be, and how low the property prices could be. But come on. Things never gone that way. These speech, if you would excuse me, are propelled by speakers so that the majority public would not buy in and stay out, while the smart investors hoard their stakes. Even during the subprime period, Sg was not too badly affected.

About property prices going through correction, come on again. We are so much different from USA, simply because we are so densely populated. In other countries, if the house became too expensive, they could just build one that costs cheaper. But in Sg, we have an important factor - land. We don't have the luxury of land as compared to USA. Even if the materials used to build the house are cheapen, the land value is always there, unlike foreign countries. I mean, where else are the people going to stay? Where there's demand, there's compeition and prices will continue to level up.

So, please quit all these negative speech to downplay the sentiments. We are not going to have a repeat of the financial crises. Even if a correction really comes, the bounce back is always just as fast.

Remember Japan. The recession that hit them and make them have a lost decade doesn't really fuzz them. They are still the richest household per capita. So much for recession, mike.

is the banking industry really shrinking? i'm in the banking sector, but no one is talking about layoffs yet.

i read the newspaper and how Tharman and Lim Swee Say mentioned about severe economy downturn and jobs layoff, but everything seems to be fine.

i'm at the middle office btw, at a foreign bank.

should i be concerned about this supposedly recession? if yes, anything i can do?

Originally Posted by Unregistered

is the banking industry really shrinking? i'm in the banking sector, but no one is talking about layoffs yet.

i read the newspaper and how Tharman and Lim Swee Say mentioned about severe economy downturn and jobs layoff, but everything seems to be fine.

i'm at the middle office btw, at a foreign bank.

should i be concerned about this supposedly recession? if yes, anything i can do?

Nothing much u can do, just pray hard

[paymemore]

Originally Posted by Unregistered

is the banking industry really shrinking? i'm in the banking sector, but no one is talking about layoffs yet.

i read the newspaper and how Tharman and Lim Swee Say mentioned about severe economy downturn and jobs layoff, but everything seems to be fine.

i'm at the middle office btw, at a foreign bank.

should i be concerned about this supposedly recession? if yes, anything i can do?

i tot u should know better. is your banking taking long/short positions on any particular currency? Are your daily trade volumes usually high?

before the collapse of MF Global, everything seemed to be fine.

look at the foreign stock markets. dow jones at its lows. STI and all stock prices falling till no man's land.

best way out is to get out of finance.

Originally Posted by paymemore

i tot u should know better. is your banking taking long/short positions on any particular currency? Are your daily trade volumes usually high?

before the collapse of MF Global, everything seemed to be fine.

look at the foreign stock markets. dow jones at its lows. STI and all stock prices falling till no man's land.

best way out is to get out of finance.

What lousy advice.

Stay until you get retrenched! If you're lucky, other banks will fall and yours will prosper.

Read this Bloomberg article CAREFULLY:

Wall Street Unoccupied With 200,000 Job Cuts - Bloomberg

Banks, insurers and asset managers in Western Europe have been hardest hit, announcing about 105,000 dismissals this year, 66 percent more than the region’s losses in 2008 at the depths of the financial crisis, Bloomberg data show. The 50,000 job cuts in North America this year are more than twice last year’s and fewer than the 175,000 in 2008.

Almost every week since August has brought news of firings by the world’s biggest banks. HSBC Holdings Plc (HSBA), Europe’s biggest lender, announced that month it would slash 30,000 jobs by the end of 2013. In September, Bank of America Corp. (BAC), the second-largest U.S. lender, said it would cut the same number of jobs. Both banks are trimming about 10 percent of their employees. Last week, BNP Paribas, France’s largest bank, said it will cut about 1,400 jobs at its corporate and investment- banking unit, and UniCredit, Italy’s biggest, said it plans to eliminate 6,150 positions by 2015.

“Until now, at many firms, a lot of investment bankers have been convinced that we are living now in a limited period where things are a bit more difficult and afterwards the old world will come back,” Kaspar Villiger, 70, chairman of Zurich- based UBS said in an interview this month. “This illusion has now vanished.”

I read it carefully.

I predict Goldman Sachs will announce record profits and record bonuses next year.

Originally Posted by Unregistered

Read this Bloomberg article CAREFULLY:

Wall Street Unoccupied With 200,000 Job Cuts - Bloomberg