Latest methods of Retrenchment by European banks in Spore!

Bikeforceful SG

Apparently European banks are becoming more “innovative” in the way they protect jobs for their European counterparts . Under the guise of global scale down and job cuts, local staff in Asia are told that they will be put into a pool of cohorts to compete with their global counterparts for limited jobs “worldwide”. Job scope are merged to cut down on some jobs and redesignated to be based either in the West of out of Asia ( even if it was in Asia before) Other jobs are down graded in terms of levels so that locals at senior grade now no longer qualify- as they are deemed over qualified for the job. Still other jobs in Asia and particularly Singapore are now down graded e.g from Executive Directors level to Directors level – so as to dispense with the local staff and replaced with expatriate lower grade staff, seconded in from Europe or elsewhere in the so call global ’ reshuffle ’ Some are asked to take on a lower grade grade – thus a demotion for the local – or else be retrenched. It seems a number of banks have been doing this – truely Singapore ’s growth and job creation benefits the world not necessarily Singaporeans. And do we hear any sound from MOM? Ignorance is bliss? Or blind acceptance, since locals are afterall not global talents? To add insult to injury a European bank recently obtained a huge training grant in millions from our local authorities and are now getting ready to play Aladdin in its HR division displacing local lambs for imported global lamps! When an instituion claims it is downsizing and its net inflow of expats in the bank increases-surely MOM should question them! It is time local staff – band up together and take up civil suits against these establishments if they feel unfairly discriminated!

βέτά SG

Times are bad.

Bikeforceful SG

Times are bad.

Indeed! but iti ismade worse when our governing authorities does little to help protect Singaporeans from being unfairly displaced by foreigners. Clear cut case in the finanacial institutions whereby Banks are replacing locals with their European counterparts badly hit by unemployment in Europe! The worse is yet to come!

Lxy SG

we should to do sth for now

Rock^Star SG

All in the name of globalisation.

speakoutfor SG

European banks protecting their own jobs? I am surprise to hear that. Considering the way Corporate America and Europe outsource western jobs to India, China and SEA to cut cost. It is the European jobs that the banks want to rid of because of their high salaries.

Bikeforceful SG

Sure they want to cut jobs, but no prize for guessing whose jobs they cut first. . In the name of global reshuffle their Europeans come in to Singapura as expats extraordinare to replace locals throughly cleverly redesigned , remodelled job specifications at new levels . And the high salaries were more often than not earned by expats here, who now opt to take local packages . No doubt bankers in the west have been earning extra-ordinaire high salary packages - Watch the dvd "INSIDE JOB" and you can see for yourself how much some of these western crooks are paid and the lies they can tell without batting an eyelid. Reliable sources have even reported staff being told to accept demotion or leave without a job. Would you rather take a demotion or go jobless? And of course in a particular case we were told they continue to purportedly run some Asia pacifc training centre based here and our government gives them funding......and our locals get the walking ticket!

InevItabIlIty SG

Apparently European banks are becoming more “innovative” in the way they protect jobs for their European counterparts . Under the guise of global scale down and job cuts, local staff in Asia are told that they will be put into apool of cohorts to compete withtheir global counterparts for limited jobs “worldwide”. Job scope are merged to cut down on some jobs and redesignated to b ebased either in the West of out of Asia ( even if it was in Asia before) Other jobs are down graded in terms of levels so that locals at senior grade now no longer qualify- as they are deemed over qualified for the job. Still other jobs in Asia and particularly Singapore are now down graded e.g from Executive Directors level to Directors level – so as to dispense with the local staff and replaced with expatriate lower grade staff, seconded in from Europe or elsewhere in the so call global’ reshuffle ’ Some are asked to take on a lower grade grade – thus a demoition for the local – or else be retrenched.
It seems a number of banks have been doing this – truely Singapore ’s growth and job creation benefits the world not necessarily Singaporeans. And do we hear any sound from MOM? Ignorance is bliss? Or blind acceptance, since locals are afterall not global talents? To add insult to injury a European bank recently obtained a huge training grant in millions from our local authorities and are now getting ready to play Aladdin in its HR division displacing local lambs for imported global lamps! When aninstituion claims it is downsizing and its net inflow of expats in the bank increases-surely MOM should question them! It is time local staff – band up together and take up civil suits against these establishments if they feel unfairly discriminated!

been hearing euro companies starting to bring the bread home for sometime... its their companies so no issue with them packing up.. but to parachute in another FTs to replace local and using local training grant is too much...

dangerboi SG

Europe is going down.... The country that is going to be a big hit in the world: China.

ivan1973 SG

Eur

charlize SG

Life will kick you in the gonads.

Times are bad.

Bikeforceful SG

Exactly , that was what the bank's local HR staff told us. The bank just recently obtained a training grant of millions but is actually planning to cut its training division in Asia Pacific -thus local staff affected . If that is not deception - what is?Of course MAS is handsoff as usual and MOM forever not aware, not involved. As the Wing Tai chairman said today in the papers . every country is simply protecting its own turf ....Singapore leh- let the dogs gnaw at our local labour force?????

Bikeforceful SG

Today heard that HP is also retrenching -world wide . But Singapore also affected. I thought Singapore is booming .

winsomeea SG

Hey, we have a pro foreigners "govt:". Singaporeans not their priority, making money and pro foreigners are.

winsomeea SG

Today heard that HP is also retrenching -world wide . But Singapore also affected. I thought Singapore is booming .

HP started sometime back in their retrenchment exercise.

Sony started last month to retrench their staff worldwide. Barclays and RBS started last year.

Nope as what you thought about Singapore. A friend who was retrenched from the foreign bank said it was pretty tough as day in day out they are face with the bad news of global financial situation and there the govt of Singapore is painting fake pictures that things are well. See how fake and dishonest the Papigs are.

charlize SG

There are many jobs in Sg.

Really.

Bikeforceful SG

There are many jobs in Sg.

Really.