People in the financial industry, are you all worried about your jobs?

Originally Posted by Lan Lan

Agree with Honest.

Another IT guys here. So many cheap indians are taking over our IT jobs. Moreover IT jobs are easy to outsource. Unlike finance, doctor, engineers, lawyers, nurse who are regulated by professional boards, any Tom, D and harry can join IT.

My cousin who is a few year younger than me, (<40) makes about 30k-35k sgd per month, working in investment industry overseas. His time is too expensive even to attend grandmother funeral. I probably also studied as hard as him, but can't even keep my IT job, which is only a quarter of his pay. Sob..

One quarter of 35k is about 9k a month. Already not bad.

The finance sector pays better than average..but grass is always greener on the other pastures.

The stress level is also higher in finance, cos everything moves very fast and involves a lot of
money. There's no free lunch in this world.

An earlier post also mentioned that it is very competitive with many bright and hardworking ppl
in this sector. And they become obsessed with money, sometimes some ppl will do whatever it
takes to get the money..so it's not good for your soul and character in the long run.

There are pros and cons to every job

Originally Posted by Unregistered

The finance sector pays better than average..but grass is always greener on the other pastures.

The stress level is also higher in finance, cos everything moves very fast and involves a lot of
money. There's no free lunch in this world.

An earlier post also mentioned that it is very competitive with many bright and hardworking ppl
in this sector. And they become obsessed with money, sometimes some ppl will do whatever it
takes to get the money..so it's not good for your soul and character in the long run.

There are pros and cons to every job

Nasty people and stressful work are not unique only in the financial industry. They are everywhere. Maybe slightly more in finance.

There are nice people too, and work life balance isn't a myth. Look at the number of people taking shuttle buses and walking to MRT stations in CBP and Shenton Way and you will know.

Don't be sour just because you aren't in finance.

Originally Posted by Unregistered

Nasty people and stressful work are not unique only in the financial industry. They are everywhere. Maybe slightly more in finance.

There are nice people too, and work life balance isn't a myth. Look at the number of people taking shuttle buses and walking to MRT stations in CBP and Shenton Way and you will know.

Don't be sour just because you aren't in finance.

Look at the number of people taking shuttle buses *at 6pm every day*

Actually, life is quite OK in a local or regional Asian bank. There are no late night conference calls with the US & Europe because there aren't any people to talk to as everyone is in the Asian timezone. Sure, you get in early in the morning, but by 6pm or so, all the emails stop and you can go home and relax. It's a little more stressful than a regular retail/industrial job, but actually quite manageable and you have decent family life. Traveling is usually in Asia and it's easy to get back by Friday night. You always have your weekend.

Also, management is less demanding. Compared to a foreign bank, stuff you expect to produce in 1 day, you can take a week. Plus most of the staff disappear by 6pm or so, so you will look like a fool if you stay back in an empty office. The other thing is that zero ang moh around and Indians will tend to be local indians. It's all local boys and girls and a very comfortable environment.

I've compared with friends at foreign banks and these days, local banks now pay as much as foreign banks because foreign banks bonus has been negligible for the past few years. My base is lower, but last year I got 9 months bonus. My friends at foreign banks are lucky if they get 1-3 months. Some got zero. So, they work like a dog. Fly all over the world all the time. Stay up past midnight for conference calls. All to just stay employed since they know that the bonus will be almost nothing. Even this year, foreign banks have already warned that bonuses will be terrible.

The only thing foreign bank employees look forward to is the return of the good old days. But even so, EU regulators have already capped bonuses at a maximum of 12 months and the US is likely to follow. So, even when times are good, shareholders will benefit, but not foreign bank employees.

Originally Posted by Unregistered

Actually, life is quite OK in a local or regional Asian bank. There are no late night conference calls with the US & Europe because there aren't any people to talk to as everyone is in the Asian timezone. Sure, you get in early in the morning, but by 6pm or so, all the emails stop and you can go home and relax. It's a little more stressful than a regular retail/industrial job, but actually quite manageable and you have decent family life. Traveling is usually in Asia and it's easy to get back by Friday night. You always have your weekend.

Also, management is less demanding. Compared to a foreign bank, stuff you expect to produce in 1 day, you can take a week. Plus most of the staff disappear by 6pm or so, so you will look like a fool if you stay back in an empty office. The other thing is that zero ang moh around and Indians will tend to be local indians. It's all local boys and girls and a very comfortable environment.

yup! I work in a regional office of an Asian bank and I usually go home at 5.30pm !! lol My bank has shorter working hours than most others starting at 9am till 5.30pm. Sometimes I stay till 6pm but mostly to do my own stuff / research. Workload is very manageable. Expat management are not demanding, sometimes they just sign of reports without even checking lol. Locals nearly all leave on the dot at 5.30.. Oh and I am doing credit risk management, not some back end ops thing.

I always find it funny whenever someone outside of relationship management, sales/trading, fund management or research needs to tell others that they are not from "Ops". Dude u are no different from your product control, settlements, custody, audit or whatever colleagues. No need to emphasize you're not from Ops. Your front office (and people on this forum) will laugh at you.

Originally Posted by Unregistered

Actually, life is quite OK in a local or regional Asian bank. There are no late night conference calls with the US & Europe because there aren't any people to talk to as everyone is in the Asian timezone. Sure, you get in early in the morning, but by 6pm or so, all the emails stop and you can go home and relax. It's a little more stressful than a regular retail/industrial job, but actually quite manageable and you have decent family life. Traveling is usually in Asia and it's easy to get back by Friday night. You always have your weekend.

Also, management is less demanding. Compared to a foreign bank, stuff you expect to produce in 1 day, you can take a week. Plus most of the staff disappear by 6pm or so, so you will look like a fool if you stay back in an empty office. The other thing is that zero ang moh around and Indians will tend to be local indians. It's all local boys and girls and a very comfortable environment.

I've compared with friends at foreign banks and these days, local banks now pay as much as foreign banks because foreign banks bonus has been negligible for the past few years. My base is lower, but last year I got 9 months bonus. My friends at foreign banks are lucky if they get 1-3 months. Some got zero. So, they work like a dog. Fly all over the world all the time. Stay up past midnight for conference calls. All to just stay employed since they know that the bonus will be almost nothing. Even this year, foreign banks have already warned that bonuses will be terrible.

The only thing foreign bank employees look forward to is the return of the good old days. But even so, EU regulators have already capped bonuses at a maximum of 12 months and the US is likely to follow. So, even when times are good, shareholders will benefit, but not foreign bank employees.

What's your role? Corporate banker? Middle management?

Originally Posted by Unregistered

I always find it funny whenever someone outside of relationship management, sales/trading, fund management or research needs to tell others that they are not from "Ops". Dude u are no different from your product control, settlements, custody, audit or whatever colleagues. No need to emphasize you're not from Ops. Your front office (and people on this forum) will laugh at you.

Wrong. People from settlements, clearing or whatever work long hours, have crappier pay and bonuses and are generally not as mobile as those in 'middle office'.

I've been there, done that. Investment guy. Now retired at 40, earning passive income from my 2 investment condos and other stuff. Spend lots of time at my condo gym and swimming pool. Feeling healthier, fitter and much lesser stress. No more high blood pressure. Happily retired millionaire. Thinking of starting an exclusive "young retirees" club, members must be below 50 and have reached millionaire status. Anyone here want to be founding members? Being a member of this club is the new status symbol.