People in the financial industry, are you all worried about your jobs? - Salary.sg Forums
Salary.sg Forums  

Go Back   Salary.sg Forums > The Salary.sg Discussion Forums: > Income and Jobs

Income and Jobs Discuss jobs, career options and of course salaries




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

Reply
 
Thread Tools
  #1 (permalink)  
Old 13-01-2012, 09:19 AM
Senior Member
 
Join Date: Jul 2011
Posts: 77
Liverpool is on a distinguished road
Default People in the financial industry, are you all worried about your jobs?

more banks cutting jobs...

TODAYonline | Hot News | RBS cuts 4,800 jobs, dumps equities, mergers divisions

French bank BNP Paribas cutting jobs in Singapore

TODAYonline | Business | Foreign banks cutting jobs here

Asia Singapore: Singapore job outlook bleak in 2012

My Fixed Income Trader friend said no bonus for last year's performance, the second half of last year wiped out most profits earned during the first half of the year. He said he is lucky to still have a job. Bonus? He said don't even think about it.

How are the rest of you all doing?

Reply With Quote
  #2 (permalink)  
Old 26-01-2012, 11:43 PM
Unregistered
Guest
 
Posts: n/a
Default

Those who were cut during the Lehman crisis quickly found work in at most 6 months, so what's there to be afraid of?

People outside of finance tend to exaggerate such job cutting news to psychologically compensate themselves for not having the good fortune of landing a job in finance.

Reply With Quote
  #3 (permalink)  
Old 27-01-2012, 07:32 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Those who were cut during the Lehman crisis quickly found work in at most 6 months, so what's there to be afraid of?

People outside of finance tend to exaggerate such job cutting news to psychologically compensate themselves for not having the good fortune of landing a job in finance.
have u been retrenched before or know someone who has been retrenched? Its easy to talk big when u r not in the situation. My company was one of the companies involved in the news about retrenchments last year.

The number was small compared to the whole staff strength so it did not really ring much alarm bells as compared to 2008-2009, but still it was hard to see someone go, especially when he is not young and he has a family with young children.

Reply With Quote
  #4 (permalink)  
Old 27-01-2012, 07:40 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Those who were cut during the Lehman crisis quickly found work in at most 6 months, so what's there to be afraid of?

People outside of finance tend to exaggerate such job cutting news to psychologically compensate themselves for not having the good fortune of landing a job in finance.
This time its quite real though, and to deny it is naive.

My [front office] sector has seen quite a bit of cut backs throughout the industry, and banks like RBS have closed entire divisions globally.

The problem is that, if you do get cut now, likely you are out of the industry for a while because no one is hiring, and you hope that your retrenchment package is enough to tide you over to the next job.

Had a friend below 30 who was earning $15k a month, and was retrenched during 2008. He had no retrenchment package and was stuck jobless for almost 2 years before he got lucky and found a job paying $10k+. Before that, he was only getting offers of between $4 to 6k.

You have to remember that top paying jobs are still scarce, and if you lose yours its not easy to get another one in this environment. If you take a $4 to 6k job, it resets your salary scale and its hard to climb back to where you once were.

So no, I wouldn't underestimate this cycle.
Reply With Quote
  #5 (permalink)  
Old 27-01-2012, 10:44 AM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
People outside of finance tend to exaggerate such job cutting news to psychologically compensate themselves for not having the good fortune of landing a job in finance.
Well, I have been in finance for more than 10 years, not sure what is this good fortune you are referring to. Other than the high pay, there is nothing good about it. Long hours, demanding targets and surrounded by arrogant, greedy and fat colleagues who think they are god's gift to the world. Too bad I love money too much, so cannot bring myself to retire or start my own business.

And at the end of the day, regardless of what profession you in, you are still a salaried employee working for someone. You are just a worker. Your ricebowl still depend on someone else. Until you start your own company, you are just someone's b**ch.
Reply With Quote
  #6 (permalink)  
Old 27-01-2012, 02:01 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Well, I have been in finance for more than 10 years, not sure what is this good fortune you are referring to. Other than the high pay, there is nothing good about it. Long hours, demanding targets and surrounded by arrogant, greedy and fat colleagues who think they are god's gift to the world. Too bad I love money too much, so cannot bring myself to retire or start my own business.

And at the end of the day, regardless of what profession you in, you are still a salaried employee working for someone. You are just a worker. Your ricebowl still depend on someone else. Until you start your own company, you are just someone's b**ch.
You said there's nothing good about it, and yet in the same breath, you said you love money too much (cos the job pays well).


SG Bus Timing App
SG Bus Timing App - the best bus app - available on iOS and Android


SGX Stocks Android App - check share prices
SGX Stocks [Android] App - check latest share prices on the go


SGX Stocks for iPad - check latest Singapore share prices
SGX Stocks [iPad] app
| SGX Stocks [iPhone] app
Reply With Quote

  #7 (permalink)  
Old 27-01-2012, 02:04 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
This time its quite real though, and to deny it is naive.

My [front office] sector has seen quite a bit of cut backs throughout the industry, and banks like RBS have closed entire divisions globally.

The problem is that, if you do get cut now, likely you are out of the industry for a while because no one is hiring, and you hope that your retrenchment package is enough to tide you over to the next job.

Had a friend below 30 who was earning $15k a month, and was retrenched during 2008. He had no retrenchment package and was stuck jobless for almost 2 years before he got lucky and found a job paying $10k+. Before that, he was only getting offers of between $4 to 6k.

You have to remember that top paying jobs are still scarce, and if you lose yours its not easy to get another one in this environment. If you take a $4 to 6k job, it resets your salary scale and its hard to climb back to where you once were.

So no, I wouldn't underestimate this cycle.
Fact is your friend found a high-paying job again.

Getting retrenched is not as scary as it sounds.

Moreover, not everyone gets retrenched. It's usually the bad performers and usually the minority. The big fat cats are always spared.
Reply With Quote
  #8 (permalink)  
Old 27-01-2012, 03:41 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Fact is your friend found a high-paying job again.

Getting retrenched is not as scary as it sounds.

Moreover, not everyone gets retrenched. It's usually the bad performers and usually the minority. The big fat cats are always spared.
That was my view as well be4 i saw such a retrenchment exercise for myself .

Reality is - its not usually the bad performers. I have seen folks let go for a host of reasons ie they are the rm for a sector that the bank wants to reduce exposure to, they were recently promoted (hence last in first out), they just moved to another dept/country within the same bank, they just joined the bank, they are too expensive , they are mid to late 40s, they hv made some high lvl enemies etc.

So its quite real and quite a scary time.
Reply With Quote
  #9 (permalink)  
Old 27-01-2012, 06:13 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
That was my view as well be4 i saw such a retrenchment exercise for myself .

Reality is - its not usually the bad performers. I have seen folks let go for a host of reasons ie they are the rm for a sector that the bank wants to reduce exposure to, they were recently promoted (hence last in first out), they just moved to another dept/country within the same bank, they just joined the bank, they are too expensive , they are mid to late 40s, they hv made some high lvl enemies etc.

So its quite real and quite a scary time.
Fact is you can get retrenched in any job, even civil service and stat boards. Some taxi drivers are also asked (forced) to quit driving!

The risk is about the same, just that finance is a bigger target for people to talk about.

Given this risk of getting the sack, it's always better to be in finance cos it pays well.

When the semicon industry fired people by the thousands, no one bat an eyelid.
Reply With Quote
  #10 (permalink)  
Old 27-01-2012, 06:39 PM
Unregistered
Guest
 
Posts: n/a
Default

Quote:
Originally Posted by Unregistered View Post
Fact is you can get retrenched in any job, even civil service and stat boards. Some taxi drivers are also asked (forced) to quit driving!

The risk is about the same, just that finance is a bigger target for people to talk about.

Given this risk of getting the sack, it's always better to be in finance cos it pays well.

When the semicon industry fired people by the thousands, no one bat an eyelid.
Agree, there are indeed some retrenchments ongoing in some european banks, but nothing massive.
This world may not need funky structured CDOs, but it still need financial services from basic depo/loan, capital market access, trade financing, custodial services, to sophisticated risk management hedging, investment advisory, M&A/Corp finance advisory.

Other industries are going through tough times, a few headlines like below can also be seen
Nokia Siemens to Cut Work Force by 17,000
Amd Slashes 10% Of Workforce
Reply With Quote
Reply

Bookmarks

« Previous Thread | Next Thread »
Thread Tools

Posting Rules
You may not post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are On
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Need advice from people from the Advertising Industry! Mainly copywriters.. rodrodrod Income and Jobs 61 30-08-2016 02:28 PM
Any success stories of people switching from Government jobs to Private Sector? Liverpool Income and Jobs 38 20-12-2011 04:46 PM
Malaysian in financial industry buffetstyle Income and Jobs 0 28-05-2011 05:31 PM
Engineers - considering CFA or Financial Engineering? Salary.sg Education and Personal Growth 27 27-09-2009 09:30 AM
Financial Services Pay Highest Salary.sg Income and Jobs 6 21-11-2007 11:08 PM

» 30 Recent Threads
Civil Service Performance Bonus ( 1 2 3... Last Page)
1,807 Replies, 1,494,491 Views
Can share your your car...
7 Replies, 1,639 Views
Roles in accenture singapore ( 1 2 3... Last Page)
498 Replies, 306,063 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
3,612 Replies, 2,177,293 Views
Compare civil service salary ( 1 2 3... Last Page)
11,454 Replies, 6,413,525 Views
Work culture in IHiS ( 1 2 3... Last Page)
98 Replies, 96,365 Views
How is life as a doctor in... ( 1 2 3... Last Page)
1,783 Replies, 1,105,389 Views
SIM-UOL fresh grad starting pay ( 1 2 3... Last Page)
4,574 Replies, 1,452,308 Views
ST Electronics ( 1 2 3... Last Page)
1,571 Replies, 362,414 Views
Lawyer Salary ( 1 2 3... Last Page)
10,272 Replies, 3,512,950 Views
Compilation of MAs/Analysts Gross... ( 1 2 3... Last Page)
191 Replies, 55,693 Views
How rich/poor am I compared to... ( 1 2 3... Last Page)
58 Replies, 44,645 Views
DBS tech seed programme ( 1 2 3... Last Page)
276 Replies, 58,203 Views
DBS Graduate Associate Program ( 1 2 3... Last Page)
816 Replies, 415,011 Views
Hospital (Private or Public)... ( 1 2)
17 Replies, 8,501 Views
MFA- Foreign Service... ( 1 2 3... Last Page)
30 Replies, 9,191 Views
Mortgage Specialist Role.
3 Replies, 2,265 Views
NUS working environment and pay... ( 1 2 3... Last Page)
99 Replies, 85,569 Views
Career as Teacher ( 1 2 3... Last Page)
3,117 Replies, 1,972,850 Views
MAS : Mid Career Professionals ( 1 2 3... Last Page)
260 Replies, 169,485 Views
26 no degree is all hope lost?... ( 1 2 3... Last Page)
49 Replies, 2,361 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
2,899 Replies, 1,303,335 Views
Dsta ( 1 2 3... Last Page)
892 Replies, 622,736 Views
Summer Internship 2021
1 Replies, 140 Views
lazada/shopee fresh grad starting... ( 1 2 3)
21 Replies, 2,395 Views
Electricity generator
4 Replies, 572 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
217 Replies, 134,552 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 03:35 PM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2021, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2