"There are plenty of resumes going around in the market right now, just not too many takers," says Joe Neitham, a recruiter at TRC Group in Singapore.[1] He is talking about the grim prospects of banking jobs in Singapore where job axe started to fall a while ago, especially in the global banking and finance companies:
"Nomura is said to be looking to shed about 700 staff. Credit Suisse has outlined 1,500 layoffs. Even Jefferies' Asia build-out and generous pay offers seem set to be reined in while the bank struggles with investors worried about its exposure to Europe.
Virtually every foreign bank in Asia is cutting staff, as the news keeps getting worse. Societe Generale issued weak earnings on Tuesday .
Deal volumes have fallen in Asia, with IPO proceeds totalling about $67 billion up to October this year, barely half that of the $130 billion clocked during the same period in 2010, according to Thomson Reuters data.[1]
"Major banks worldwide announced 109,000 planned job cuts so far this year and every week announcing more job cuts.
Foreign banks cutting jobs here are frequently in the news nowadays:
"Foreign banks in Singapore may be reluctant to disclose numbers but industry observers note that jobs are being cut at these lenders. Mr Gary Lai, managing director of recruitment consultancy Charterhouse, said most of the banks that had reduced staffing here had done so to consolidate operations in countries like the Philippines or India.
"So while you may have one person that they let go here, they might be hiring one more in a lower-cost country," he said. Foreign banks and financial institutions like Credit Suisse, Macquarie Group, Bank of America Nomura Holdings and Daiwa Securities are some of those that have retrenched staff in Asia recently.
Reuters also reported last week that South Africa's Standard Bank had cut three jobs at its oil trading desk in Singapore."[3]
[1] - Banks stop hiring, bankers face grim job prospects
[2] - Reuters
[3] - Foreign banks cutting jobs here
"Nomura is said to be looking to shed about 700 staff. Credit Suisse has outlined 1,500 layoffs. Even Jefferies' Asia build-out and generous pay offers seem set to be reined in while the bank struggles with investors worried about its exposure to Europe.
Virtually every foreign bank in Asia is cutting staff, as the news keeps getting worse. Societe Generale issued weak earnings on Tuesday .
Deal volumes have fallen in Asia, with IPO proceeds totalling about $67 billion up to October this year, barely half that of the $130 billion clocked during the same period in 2010, according to Thomson Reuters data.[1]
"Major banks worldwide announced 109,000 planned job cuts so far this year and every week announcing more job cuts.
| Bank [2] | Job cuts announced in 2011 | Total Workforce |
| HSBC | 30,000 | 295,995 |
| Bank of America Merrill Lynch | 30,000 | 287,839 |
| Lloyds Banking Group | 15,000 | 103,859 |
| UBS | 3,500 | 65,707 |
| Credit Suisse | 3,500 | 50,700 |
| Barclays | 3,500 | 146,100 |
| Intesa Sanpaolo | 3,000 | 101,169 |
| ING | 2,700 | 98,169 |
| ABN Amro | 2,350 | 26,161 |
| Monte Dei Paschi Di Siena | 2,200 | 31,201 |
| Nordea | 2,000 | 34,169 |
| Danske Bank | 2,000 | 21,567 |
| Royal Bank of Scotland | 2,000 | 148,300 |
| Bank of New York Mellon | 1,500 | 48,900 |
| Rabobank | 1,200 | 59,000 |
| Banco Popolare | 1,120 | 19,209 |
| Goldman Sachs | 1,000 | 35,500 |
| JPMorgan | 1,000 | 239,831 |
| Nomura | 1,000 | 35,697 |
| Deutsche Bank | 500 | 102,062 |
| TOTAL | 109,070 | 1,951,135 |
Foreign banks cutting jobs here are frequently in the news nowadays:
"Foreign banks in Singapore may be reluctant to disclose numbers but industry observers note that jobs are being cut at these lenders. Mr Gary Lai, managing director of recruitment consultancy Charterhouse, said most of the banks that had reduced staffing here had done so to consolidate operations in countries like the Philippines or India.
"So while you may have one person that they let go here, they might be hiring one more in a lower-cost country," he said. Foreign banks and financial institutions like Credit Suisse, Macquarie Group, Bank of America Nomura Holdings and Daiwa Securities are some of those that have retrenched staff in Asia recently.
Reuters also reported last week that South Africa's Standard Bank had cut three jobs at its oil trading desk in Singapore."[3]
[1] - Banks stop hiring, bankers face grim job prospects
[2] - Reuters
[3] - Foreign banks cutting jobs here
No comments:
Post a Comment