There is a rumor circulating about Barclays IT

[Sergei82]

SCB has started moving people in droves to TEDA as well. All this tells us about very bright positive economic outlook worldwide for the nearest future.

In any case, looks like nobody is going to optimize shit when it comes to their efficiency. They will just do the same crap, but in cheaper locations. Problem solved.

[Wd40]

Just chatted with another friend in Barclays. He confirmed that 300 people were fired in Singapore last week and they are planning to fire another 500 in 6 months. That's very drastic!

[Sergei82]

If it comes to that, I've also chatted with my drink buddy from Barclays yesterday. Confirmed. And he is only a few months in Barclays, already feels uneasy.

[ecureilx]

If it comes to that, I've also chatted with my drink buddy from Barclays yesterday. Confirmed. And he is only a few months in Barclays, already feels uneasy.

a banking friend said, when people get fired, a few guys get rewarded for the cost cutting exercise, and then a few months later they recruit back the same number of staff .. and reward themselves for increasing the business = need more head count ..

Never figured out how the banking industry works ..

[movingtospore]

If it comes to that, I've also chatted with my drink buddy from Barclays yesterday. Confirmed. And he is only a few months in Barclays, already feels uneasy.

a banking friend said, when people get fired, a few guys get rewarded for the cost cutting exercise, and then a few months later they recruit back the same number of staff .. and reward themselves for increasing the business = need more head count ..

Never figured out how the banking industry works ..

That sounds about right. Another round is coming now that all the money that fled the developed markets to Asia is going back.

[Barnsley]

12,000 worldwide going down the road .....

http://www.bbc.co.uk/news/business-26131799

[AndrewV]

12,000 worldwide going down the road .....

http://www.bbc.co.uk/news/business-26131799

hope they made hay while the sun shone ..

[Barnsley]

IBM joining in the "fun"

http://thevarguy.com/business-technolog ... kers-today

[BillyB]

In banking, it's down to a number of factors such as regulatory pressures to hold more capital, a global switch (back) to vendor products, increased automation, and some might argue an increase in the level of capability in 'doing' technology (although the latter is still way behind other industries).

Personally, i don't think the worst has hit yet. There are still a few 'off-shore' options available to banks, but like Singapore - which has progressed from a low to medium cost centre, to a now medium to high cost centre - the cycle will repeat itself in India (you could suggest in places like Delhi, the costs have risen sharply over the last decade), China and Eastern Europe, and in 5-10 years there will be very little cost-effective off-shore options available.

[Wd40]

BillyB, But Barclays has to the company thats doing it in the most mismanaged way. The Swiss bank that I work in, atleast had the strategy to move jobs out of here in a phased manner and once they decided that, they have stopped recruiting in Singapore almost totally like in middle of 2012.

Barclays has always been known for hiring and firing without any method to the madness. Until like september last year they were hiring in Singapore in full swing even though the results were bad and then suddenly the new CTO came in and froze all hiring and then did the massive layoff of 300 people and now planning for 500 more. As if they have suddenly been hit by some shock like the GFC magnitude.

Singapore is a very tiny job market and now because of what Barclays has done there is a glut of finance IT guys looking for jobs in Singapore.

[BillyB]

Agree. There are ways to manage and communicate anything that impacts large numbers of staff more effectively and to provide alternative options / help with moves / redundancies.

Poor anticipation of the wider environment, perhaps?

[Wd40]

12,000 worldwide going down the road .....

http://www.bbc.co.uk/news/business-26131799

hope they made hay while the sun shone ..

Barclays is known to give excellent severance pay. 1 month salary for every year worked and 2 months for the notice period at the junior level. The big shots who are employed for like 6 years or more, will make even more hay with this layoff. The junior guys who were hired most recently are the ones that will suffer the most.

[Wd40]

RBS has just reported its worst loss since 2008

http://www.bbc.com/news/uk-england-26364715

[Strong Eagle]

RBS has just reported its worst loss since 2008

http://www.bbc.com/news/uk-england-26364715

That's what you get for being an "investment" bank run amok. "Investing" in derivatives so complex no one fully understands them. Refusal to properly acknowledge true exposure in their CDS portfolio. And they still have money to pay 576 million pounds in bonuses.

Investment banks and their trading desks are a bane upon the world. They offer no value to the rest of the world, merely self enrichment.

[Sergei82]

Switched to retail banking last year. Also a bane???