Singapore Expats Forum

foreign manpower tightening

Discuss about the latest news & interesting topics, real life experience or other out of topic discussions with locals & expatriates in Singapore.

User avatar
Sergei82
Editor
Editor
Posts: 1455
Joined: Mon, 02 Nov 2009

Postby Sergei82 » Wed, 21 Nov 2012 9:40 am

It has begun in Credit Suisse:
http://blogs.wsj.com/deals/2012/11/20/c ... ring-move/
http://dealbook.nytimes.com/2012/11/20/ ... ment-unit/

4 or 5 highest ranking CEOs were made redundant in CS yesterday, including APAC and EMEA. Getting tons of corporate e-mails about reappointments. Will update recruiters with my resume ASAP just in case if something happens - let it be there for a while. :)

User avatar
zzm9980
Governor
Governor
Posts: 6837
Joined: Wed, 06 Jul 2011
Location: Once more unto the breach

Postby zzm9980 » Wed, 21 Nov 2012 10:39 am

Sergei82 wrote:4 or 5 highest ranking CEOs were made redundant in CS yesterday


That's a lot of CEOs.

Callput
Regular
Regular
Posts: 141
Joined: Thu, 08 Nov 2012

Postby Callput » Wed, 21 Nov 2012 10:41 am

Sergei82 wrote:It has begun in Credit Suisse:
http://blogs.wsj.com/deals/2012/11/20/c ... ring-move/
http://dealbook.nytimes.com/2012/11/20/ ... ment-unit/

4 or 5 highest ranking CEOs were made redundant in CS yesterday, including APAC and EMEA. Getting tons of corporate e-mails about reappointments. Will update recruiters with my resume ASAP just in case if something happens - let it be there for a while. :)


Its actually not that bad, it was expected anyways, there was news in Sep that they are going to merge AM and PB.

The street was actually disappointed that the they havent done enough compared to UBS. CS shares actually fell yesterday while UBS shares rose on the day of the 10K job cut announcement.

http://blogs.wsj.com/source/2012/11/20/ ... ysts-cold/

Now you know which bank you would rather work for ;) I have always found that shareholders interest and employees interests are divergent and companies whos shares dont do very well, generally take care of their employees better, ofcourse there are exceptions(read, the bank that never sleeps, :lol:) .
Last edited by Callput on Wed, 21 Nov 2012 10:51 am, edited 4 times in total.

Callput
Regular
Regular
Posts: 141
Joined: Thu, 08 Nov 2012

Postby Callput » Wed, 21 Nov 2012 10:46 am

zzm9980 wrote:
Sergei82 wrote:4 or 5 highest ranking CEOs were made redundant in CS yesterday


That's a lot of CEOs.


Yeah! Please dont compare titles in banking with other industries. In Banking we are in a league of our own :cool:

User avatar
Sergei82
Editor
Editor
Posts: 1455
Joined: Mon, 02 Nov 2009

Postby Sergei82 » Wed, 21 Nov 2012 10:57 am

Callput wrote:
zzm9980 wrote:
Sergei82 wrote:4 or 5 highest ranking CEOs were made redundant in CS yesterday


That's a lot of CEOs.


Yeah! Please dont compare titles in banking with other industries. In Banking we are in a league of our own :cool:


As somebody said: every janitor is AVP here (maintenance engineer!?)

User avatar
sundaymorningstaple
Moderator
Moderator
Posts: 34778
Joined: Thu, 11 Nov 2004
Location: Still Fishing!
Contact:

Postby sundaymorningstaple » Wed, 21 Nov 2012 11:32 am

Sergei82 wrote:[

As somebody said: every janitor is AVP here (maintenance engineer!?)


Close. The proper term, as used in NYC, is Sanitation Engineer. ;-)

His spouse is a Domestic Engineer!

Callput
Regular
Regular
Posts: 141
Joined: Thu, 08 Nov 2012

Postby Callput » Wed, 21 Nov 2012 11:34 am

sundaymorningstaple wrote:
Sergei82 wrote:[

As somebody said: every janitor is AVP here (maintenance engineer!?)


Close. The proper term, as used in NYC, is Sanitation Engineer. ;-)

His spouse is a Domestic Engineer!


Just like a bus captain, here, lol.

User avatar
the lynx
Governor
Governor
Posts: 5266
Joined: Thu, 09 Dec 2010
Location: Location: Location: Location: Location: Location: Location: Location: Location: Location: Location:

Postby the lynx » Wed, 21 Nov 2012 11:41 am

Gah, it is the title bull-excrement all over again!

User avatar
Brah
Manager
Manager
Posts: 1956
Joined: Sat, 18 Dec 2010

Postby Brah » Thu, 06 Dec 2012 5:37 pm

As this thread is worthy of reviving, sad as that is to say...

[i]"“Frankly, I would discourage them to come in the first place when you consider the cost of living in Singapore,”

User avatar
Sergei82
Editor
Editor
Posts: 1455
Joined: Mon, 02 Nov 2009

Postby Sergei82 » Thu, 06 Dec 2012 6:05 pm

[quote="Brah"][i]"“People want to move here anyway, so we’re looking at how we can make it more economical for us. Candidates’ main concern is having a decent job.”

User avatar
Brah
Manager
Manager
Posts: 1956
Joined: Sat, 18 Dec 2010

Postby Brah » Thu, 06 Dec 2012 7:14 pm

Well Sergei, this opens up another area of discussion - contracting vs. being an employee.

In some countries like the US, contracting at least used to mean higher salaries than employees, but of course you're on a contract. I believe it is similar in the UK.

In other countries, like Japan, it's often for a lower wage and with few if any benefits, and subject to sudden contract termination.

Here, I think it may be a mix, some contracts are high-paying, others are not. If you're a PR it means one thing, if you're an EP holder it's something else.

As an employee you (used to) get (some, this varies country to country) some tenure, benefits, holidays, healthcare, etc. It also used to mean better job security. It's very possible that it is now changed 180 degrees the other way.

Maybe I'm a wuss, but right or wrong I've always preferred being a company hire. Like it or not, my next gig is likely a contact role, and I need to come to terms with whatever that means here.

User avatar
v4jr4
Reporter
Reporter
Posts: 887
Joined: Mon, 09 Jul 2012
Location: Chocolate Factory

Postby v4jr4 » Thu, 06 Dec 2012 7:20 pm

Brah wrote:Well Sergei, this opens up another area of discussion - contracting vs. being an employee.


Maybe we can expand to outsourcing, insourcing, or co-sourcing (but so far, I don't see SG use these methods).
"Budget Expat"

User avatar
Brah
Manager
Manager
Posts: 1956
Joined: Sat, 18 Dec 2010

Postby Brah » Thu, 06 Dec 2012 7:37 pm

Maybe we should get that IT/Finance work drinks thing set up before we're too close to year end....note to self....
v4jr4 wrote:
Brah wrote:Well Sergei, this opens up another area of discussion - contracting vs. being an employee.


Maybe we can expand to outsourcing, insourcing, or co-sourcing (but so far, I don't see SG use these methods).

User avatar
Wd40
Director
Director
Posts: 3904
Joined: Tue, 04 Dec 2012
Location: SIndiapore

Postby Wd40 » Thu, 06 Dec 2012 8:25 pm

In Singapore most cases contracting means hiring on a vendor companies payroll, in which case salaries are very low and in most cases when the person takes up pr, the employers and the employees portion of CPF contribution comes from the persons original salary, that is how pathetic vendor payroll employees are treated. For them getting converted to Permanent employee means dream come true, just like American dream, Singapore dream, we can call it IT employee dream, haha.

offshoreoildude
Manager
Manager
Posts: 1582
Joined: Wed, 04 Jul 2012

Postby offshoreoildude » Thu, 06 Dec 2012 9:27 pm

Sergei82 wrote:Oil and gas is an interesting alternative, but don't you think that its fate is imminent collapse by the very nature of theat industry itself? And it may happen rather sooner than later. Maybe, in the nearest half century. Unless people find some alternative source of energy or use more nuclear power (not oil and gas anymore).

While finance is immortal. It is just sometimes weeker, sometimes stronger.


O and G engineers are essentially energy engineers... you're starting to see a phase transition from oil to gas/geotherm/unconventional gas/other forms already with these engineers.
Now I'm called PNGMK


  • Similar Topics
    Replies
    Views
    Last post

Return to “General Discussions”

Who is online

Users browsing this forum: No registered users and 4 guests