foreign manpower tightening

[Sergei82]

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.

[zzm9980]

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

That's a lot of CEOs.

[Callput]

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, ) .

[Callput]

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

[Sergei82]

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

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

[sundaymorningstaple]

[

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]

[

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.

[the lynx]

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

[Brah]

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

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

[Sergei82]

[quote="Brah"]"“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.”

[Brah]

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.

[v4jr4]

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).

[Brah]

Maybe we should get that IT/Finance work drinks thing set up before we're too close to year end....note to self....

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).

[Wd40]

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]

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.