Banking Jobs - risks & opportunities

[tpj2000]

Hi all, I am in the systems compliance line.
Recently I have been approached by Deutsche Bank and Barclays.
They are paying about 75000 pa, which is about 15% increase from my current.

I read in the news, there have been alot of retrenchments in SCB, HSBC, CIMB, Barclays and Deutsche Bank. Is it safe to move over?
I would like to know the circumstances in Barclays and Deutsche Bank?
(sincere responses will be appreciated. TIA!)

I read: SCB announced on Tuesday (Nov 3) plans to cut 15,000 jobs from its 86,000 global workforce by 2018.

HSBC has promised to shed 50,000 jobs over the next two years by closing retail branches, shrinking its investment bank and selling its Brazilian and Turkish operations as it shifts resources to more promising Asian markets. June 9, 2015 10:07 pm

Barclays Plc plans to cut more than 30,000 jobs within two years July 20, 2015, 7:48 am

Deutsche Bank aims to cut roughly 23,000 jobs, or about one quarter of total staff, through layoffs mainly in technology activities and by spinning off its PostBank division, financial sources said on Monday. Sep 14, 2015 2:46 pm

Hi please don't worry about those negative news. Your stated pay is realistic and could easily pay by those foreign bank without hurting their cost of operation. It is very competitive environment to work in a bank. Always remember don't price yourself above the market rate. Lots of retrenchment in banks in recent years are due to cost cutting. You have more room to grow before you worry about the retrenchment unless you are a poor performer in your role. Sieze the opportunity to learn more and perform well.

[tpj2000]

Originally Posted by Unregistered

Hi please don't worry about those negative news. Your stated pay is realistic and could easily pay by those foreign bank without hurting their cost of operation. It is very competitive environment to work in a bank. Always remember don't price yourself above the market rate. Lots of retrenchment in banks in recent years are due to cost cutting. You have more room to grow before you worry about the retrenchment unless you are a poor performer in your role. Sieze the opportunity to learn more and perform well.

Thank you.
The pay is okay and nice, but not extremely exceptional. I am more motivated to improve my system compliance exposure in the financial industry (and further value-add myself).
Me just an average singaporean who took part-time degree - very unlikely to have chance work in a bank; hence, I understand this is a very rare opportunity for me (to learn) but yet also very fearful of the news

[tpj2000]

Originally Posted by Unregistered

Hi please don't worry about those negative news. Your stated pay is realistic and could easily pay by those foreign bank without hurting their cost of operation. It is very competitive environment to work in a bank. Always remember don't price yourself above the market rate. Lots of retrenchment in banks in recent years are due to cost cutting. You have more room to grow before you worry about the retrenchment unless you are a poor performer in your role. Sieze the opportunity to learn more and perform well.

can I know at what level of pay, I will be hitting the retrenchment point?
i read up, alot of banks move operations to india, years ago, yet they still hiring locals to support systems compliance?
ps: My offer is still seeking approval from their HQ now, while I am undergoing background verification.

Once you are above 120k per annum in which you are in a more senior role and you need to prove you are subject matter expert of your area. Don't expect pay to increase by leaps and bounds in banking technology as discussed in many other threads seen here. Even if that happens you will have to even work harder to prove your worth. The bank can always pay the top dollars for the best worker.

Generally banks are not doing very well globally. Although Barclays & DB are not specifically in a bad shape, they are nonetheless cost cutting like mad like the whole industry.

What this means is that increment and bonus for the next few years are going to be very low, so you need to factor in as your 15% increase in base @ 75k could be offset by low bonuses in the future.

There is no such thing as a retrenchment point. Sometimes the lower grunts get it, sometimes the MD/SVPs get it. Depends on the situation, no such thing as hiding at some level is safe. It is the nature of banks to conduct frequent termination/pay freeze/zero bonus to control headcount cost.

[tpj2000]

Originally Posted by Unregistered

Generally banks are not doing very well globally. Although Barclays & DB are not specifically in a bad shape, they are nonetheless cost cutting like mad like the whole industry.

What this means is that increment and bonus for the next few years are going to be very low, so you need to factor in as your 15% increase in base @ 75k could be offset by low bonuses in the future.

There is no such thing as a retrenchment point. Sometimes the lower grunts get it, sometimes the MD/SVPs get it. Depends on the situation, no such thing as hiding at some level is safe. It is the nature of banks to conduct frequent termination/pay freeze/zero bonus to control headcount cost.

Yes, I was reading StanChart plans to cut about 1,000 senior staff while Barclays and Deutsche bank cuts all across the board.

Between Barclays and Deutsche bank, how does their structure adds up? From what I read, Barclays have already moved most of their backoffice operations to India (or they are still moving)

Currently Barclays holds 3,000 headcount and Deutsche bank holds 2,000 headcount in SG. Is it true Deutsche bank has yet to retrench SG position in the last 10 years?

For Barclays, it was rumored that they retrenched 300 SG headcount last year. Source (Singapore News Alternative: Is Barclays Singapore planning to retrench another 500 more employees in the coming months?)

Originally Posted by tpj2000

Yes, I was reading StanChart plans to cut about 1,000 senior staff while Barclays and Deutsche bank cuts all across the board.

Between Barclays and Deutsche bank, how does their structure adds up? From what I read, Barclays have already moved most of their backoffice operations to India (or they are still moving)

Currently Barclays holds 3,000 headcount and Deutsche bank holds 2,000 headcount in SG. Is it true Deutsche bank has yet to retrench SG position in the last 10 years?

For Barclays, it was rumored that they retrenched 300 SG headcount last year. Source ([url=://singaporenewsalternative.blogspot.sg/2014/02/insider-reveals-500-more-barclays.html]Singapore News Alternative: Is Barclays Singapore planning to retrench another 500 more employees in the coming months?[/)

You are trying too hard to predict your actual prospect and retrenchment probability by googling around for random big picture articles. Retrenchments and pay cuts in bank is one of those things that will hit you when it hits you, no point keep thinking and analyzing, a lot of times its about luck and wrong place wrong time.

You could be doing the same work with same performance, but suddenly you get fired he gets promotion, god knows why. Those who in banking long enough have seen so many times already.

BO is cost centre and pressure to cut cost is forever there. If you really so panicky cannot stand the uncertainty and want job stability and stable increments & bonuses every year, then banking is not for you.

[tpj2000]

Originally Posted by Unregistered

You are trying too hard to predict your actual prospect and retrenchment probability by googling around for random big picture articles. Retrenchments and pay cuts in bank is one of those things that will hit you when it hits you, no point keep thinking and analyzing, a lot of times its about luck and wrong place wrong time.

You could be doing the same work with same performance, but suddenly you get fired he gets promotion, god knows why. Those who in banking long enough have seen so many times already.

BO is cost centre and pressure to cut cost is forever there. If you really so panicky cannot stand the uncertainty and want job stability and stable increments & bonuses every year, then banking is not for you.

thank you for your input.
but nobody should make decision for anybody?

depends on where ts come from.

if is big stable mnc, then it is very stupid to give up all this and jump into danger with just a miserable 15% increase. if scared this scared that just stay put and dun backside itchy act hero.

if come from sme no hope and chance to move up, just grab first talk later. at least if dont work out 2 years later got a bank in the cv cant be a bad thing.