A lot of humility will return - 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




A lot of humility will return

Reply
 
Thread Tools
  #1 (permalink)  
Old 21-09-2008, 06:05 PM
Salary.sg
Guest
 
Posts: n/a
Default A lot of humility will return

Some wise words from Richard Hartung, a former banker who wrote a piece for Weekend Today. The following is (apparently) only available in the printed edition of this weekend's Today:
Quote:
"The market will reprice itself... A boom tends to over-reward everybody as young executives rush in to become investment bankers, private bankers, property agents, stockbrokers, remisiers, personal bankers, etc. During a boom, the good returns from transactions fail to separate the wheat from the chaff, and even the incompetent gets rewarded. Now that the market has been brought back to earth, the system can start redistributing jobs according to real talent again. Young investment bankers will be laid off and the remaining will need real talent to survive. A lot of humility will return."
http://www.salary.sg/2008/a-lot-of-h...y-will-return/

Reply With Quote
  #2 (permalink)  
Old 21-09-2008, 10:33 PM
Tom--
Guest
 
Posts: n/a
Default 2735

Agreed with the author of the article wholeheartedly!

Pragamatism saves the order of the day.. banks are trying to be pragmatic, saving those performers!

And I must say that not only will humility return but sanity!

Cos some bankers are in a mad rush everyday working.. and this financial crisis may provide a chance for them to reflect whether these are the jobs they want.

And not forgetting the risk vs money consideration of their jobs.

Overall your website is excellent!

Reply With Quote
  #3 (permalink)  
Old 22-09-2008, 01:47 PM
sugar--
Guest
 
Posts: n/a
Default 2738

How has the recent spate of economic downturn affected bank employees in Singapore save for AIG and LB? Are they going to continue to receive huge bonunes and all that? or are there going to be retrenchment?



Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


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


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


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
  #4 (permalink)  
Old 23-09-2008, 10:16 AM
adiemuso--
Guest
 
Posts: n/a
Default 2744

time has since changed.

there will definitely be restructuring in the financial sectors. hence jobs lost and created, the onus will be on the nett figure.

bonus and renumeration goes in line with both overall and individual performances. a prop trader will still get his cut in accordance with the terms stated in the contract. likewise, the same for those who have contracts, if its still in effect.

on the otherhand, for employees on general terms are likely to be susceptible to the ups and downs of the companies they belong.

im pessimistic. there will be plenty of adjustments down the line, the road and time.
Reply With Quote
  #5 (permalink)  
Old 24-09-2008, 02:29 PM
SGS--
Guest
 
Posts: n/a
Default 2755

Not too bad for Lehman employees in Asia since Nomura has acquired the operations. Nomura is offering them their 2007 bonuses, and is guaranteeing their pay out until 2010. Not all will want to stay of course, but for the more senior and expensive ones, and given the current job outlook, this is a veritable lifeline. Naturally, current Nomura employees arent too pleased....


Primary School English Grammar and Vocabulary Drills
Primary School English Grammar and Vocabulary Drills


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


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


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
  #6 (permalink)  
Old 24-09-2008, 04:56 PM
Acer--
Guest
 
Posts: n/a
Default 2756

We have to be patient and see how the crisis will pan out.
Reply With Quote

  #7 (permalink)  
Old 06-10-2008, 11:04 PM
windwaver--
Guest
 
Posts: n/a
Default 2849

If you know what you're doing, the market's still good
Reply With Quote
  #8 (permalink)  
Old 19-10-2008, 04:59 PM
engineers--
Guest
 
Posts: n/a
Default 2961

perhaps engineers will return again...
Reply With Quote
  #9 (permalink)  
Old 19-10-2008, 05:07 PM
hao lian kias--
Guest
 
Posts: n/a
Default 2963

Maybe this will teach those young investment banker punks a good lesson, that everything can change in life and just because you happen to join the right industry does not make you better than other people.

Sick of those pretentious bastards, this is retribution.
Reply With Quote
  #10 (permalink)  
Old 20-10-2008, 07:16 PM
myopic--
Guest
 
Posts: n/a
Default 2970

that last post has got to be one of the most myopic and short sighted statements ever. last i checked, financial services only constitutues only 10% of the singaporean workforce. front-office employees probably constitute something like 30 to 40% of that 10%.

granted that the people in these positions do make a lot and will face the brunt of the layoffs, but this financial sector sickness will inevitably affect the real economy - tourism, manufacturing, construction et al. your typical SME is going to have a tough time getting a loan for any capital expansion. so business will be down and most employees in any sort of cyclical business will be looking at a lower salary/bonus this year. not to mention that your investments will be losing money as well. why bother to rejoice in other people's plight when you are possibly going to get less yourself?

talk about cutting off the nose to spite the face.
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


» 30 Recent Threads
NCS (SingTel subsidiary) ( 1 2 3... Last Page)
1,346 Replies, 1,163,773 Views
Maritime and Port Authority of... ( 1 2 3)
20 Replies, 19,851 Views
Roles in accenture singapore ( 1 2 3... Last Page)
7,641 Replies, 2,382,996 Views
Q: Big4 - Yearly salary increment ( 1 2 3... Last Page)
15,984 Replies, 5,095,038 Views
Compare civil service salary ( 1 2 3... Last Page)
16,432 Replies, 12,587,173 Views
GovTech ( 1 2 3... Last Page)
5,722 Replies, 2,284,859 Views
Lawyer Salary ( 1 2 3... Last Page)
21,144 Replies, 10,456,907 Views
MAS for Mid Career Professionals ( 1 2 3... Last Page)
2,013 Replies, 1,083,694 Views
How is life as a doctor in... ( 1 2 3... Last Page)
7,341 Replies, 3,459,085 Views
Career as Teacher ( 1 2 3... Last Page)
11,178 Replies, 6,834,569 Views
Civil Svc/ Statboard - Typical... ( 1 2 3... Last Page)
6,148 Replies, 3,794,891 Views
HTX (Home Team Science and... ( 1 2 3... Last Page)
825 Replies, 387,171 Views
MINDEF DXO (All FAQ on it) ( 1 2 3... Last Page)
5,897 Replies, 4,720,547 Views
Factual Local Bank Salaries - DBS... ( 1 2 3... Last Page)
1,815 Replies, 1,443,353 Views
UOB Management Associate Program ( 1 2 3... Last Page)
1,487 Replies, 805,105 Views
IMDA (under MCI) ( 1 2 3... Last Page)
1,282 Replies, 636,246 Views
NUS (National University of... ( 1 2 3... Last Page)
323 Replies, 327,064 Views
DBS tech seed programme ( 1 2 3... Last Page)
3,766 Replies, 1,516,388 Views
DSTA (under Mindef) ( 1 2 3... Last Page)
1,503 Replies, 1,400,696 Views
ST Electronics ( 1 2 3... Last Page)
3,808 Replies, 1,575,385 Views
DBS ACE Programme ( 1 2 3... Last Page)
163 Replies, 82,849 Views
Shopee fresh grad pay ( 1 2 3... Last Page)
1,057 Replies, 451,175 Views
ITE (lecturer) ( 1 2 3... Last Page)
279 Replies, 392,519 Views
LTA (Land Transport Authority) ( 1 2 3... Last Page)
736 Replies, 412,026 Views
Any Ministry or Statboard still... ( 1 2)
12 Replies, 12,458 Views
Work culture in CPF board ( 1 2 3... Last Page)
34 Replies, 77,761 Views
Work culture in IHiS ( 1 2 3... Last Page)
722 Replies, 553,072 Views
Private Banking Salaries ( 1 2 3... Last Page)
83 Replies, 138,952 Views
Hospital (Private or Public)... ( 1 2 3... Last Page)
761 Replies, 424,357 Views
Ex-MOE Teachers ( 1 2 3... Last Page)
415 Replies, 500,820 Views
Powered by vBadvanced CMPS v3.2.2



All times are GMT +8. The time now is 04:36 AM.


Powered by vBulletin® Version 3.8.5
Copyright ©2000 - 2024, Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.3.2