Any Citibankers affected by this massive restructuring???

[Rocker]

one of the swiss bank also cutting people...all due to the sub prime outage in US lor

[Verve]

bankers will hate me for saying this but its true.

 

banking is no different from legal loan sharking, they plan devices to either make you stay in debt forever and thread water above head level so that you are perpetually in fear and continually make payment or in the corporate side milk as much of profits as possible from enterprises.

 

sure there are good and necessary banking services like car and house loan - but the schemes and only upward fluctuating interest makes one wonder if its a necessary evil.

 

so end of the day now is karma for the bank and bankers alike.

[Blackyv]

Mmz.. even the CEO can be ..........

 

if u "help" a company lose few billions and still can have the job, let me know which company and i will beg them to take me in....

[Karoon]

yeah you're rite.

 

fortunately i'm what they call deadwood. Every month I will charge to my credit card like seow, earn points somemore. But end of the month, before cc due date, I will pay back full amount, not a bloody cent left for them to charge interest.

 

They hate me to the core.

[Auron]

Any idea who is the world biggest bank since Citi is No.2? Do you have the rating? Like to see how affected is the No.1 bank.

 

actually depend on how u rank the bank and u get different ranking.

u can rank by assets, market cap, shareholder equity etc.

[DarkLord]

Heng my wifey changed banks at the beginning of the year.. If not, can forget about my PhD studies liaoz.

[Albeniz]

Heng my wifey changed banks at the beginning of the year.. If not, can forget about my PhD studies liaoz

 

Which area of specialization for your PhD?

Just started recently?

[Verve]

they are not afraid cos they already worked out their statistics, they just need a few fall guys and suckers to keep paying.

 

as long as their statistics work, they will not feel the pinch from those who do pay up from which they earn a few percent transaction fee from the retailers too.

 

and even if you do pay in full like me, they will standby for you on your "rainy day"

 

just like how some telemarketer try to sell me a credit line by saying just in case of a rainy day and etc"

[Sfhuang]

Mmz.. even the CEO can be ..........

 

if u "help" a company lose few billions and still can have the job, let me know which company and i will beg them to take me in....

 

Got. Starts with a capital 'T'. The other one starts with a capital 'G'.

Edited November 27, 2007 by Sfhuang

[User12343]

Private banks turn cautious on S'pore hiring

 

Sub-prime crisis, keen competition and cost increases are changing the game

 

(SINGAPORE) Private banks are growing cautious about taking on staff here, with headquarters hit by massive write-downs from the sub-prime crisis in the US, sources say.

 

'The banks won't admit this but they are probably not as aggressive as before,' said Gary Lai, manager of search firm Robert Walters' front office banking practice.

 

Private banking has taken off in Singapore in the past two years. Assets under management have grown to an estimated US$500 billion this year, leading to a shortage of staff.

 

In some cases, banks have poached entire teams, offering to double salaries.

 

Hiring won't grind to a halt but 'will slow down to some extent over the short to mid term', said Kelly Services, another recruitment firm.

 

The sub-prime crisis is only one reason. Others are intense competition and high costs, Kelly said.

 

The collapse of the US sub-prime mortgage market in the third quarter of this year has led big institutions like UBS, Citigroup and Merrill Lynch to write down more than US$45 billion of assets so far.

 

Citi, for example, took a US$6.5 billion write-down in Q3 and could write down a further US$8 billion to US$11 billion for Q4.

 

It is not alone. Merrill has made write-downs of US$8.4 billion, while UBS has taken a loss of 4.2 billion Swiss francs (S$5.4 billion). These amounts make other losses - such as HSBC's US$3.4 billion so far, Barclays'

[Chimp]

but seriously is a position in the banking industry so volatile?..... i mean suka suka, they restructure..

 

in this case, we are talking about Citibank! the world's 2nd largest bank... becoz of the US prime issues and etc, suka suka restructure in April, 17000 laid off...

 

now CEO "stepped down".. in anticipation of new CEO, they suka suka going to restructure again, and its suggested 45,000 jobs would be at stake?

 

call me kukubird, but to me stability is essential... that's why i never considered banking... though sure its lucrative.. for my friends who are in sales....

If you are the incoming CEO, would you want to carry all the baggages that the last CEO left behind? One of the fastest way to reduce your problem is to cut heads (aka non-discretionary expenses) as this is one of the biggest ticket in the expense budget and the hardest one to reduce (without cutting heads, that is). One dollar save is one extra dollar profit in your bottom line and the CEO also can lump any one-time charges (usually very large amount) to the restructuring and it will show up in the ex-CEO performance instead of his/her.

[Chimp]

don't think people in our region will be cut as this is problem in US...Citibank in our region is making good money till now at least thats what is reported lar..

With a US company, it will most likely affect everywhere even if a particular region is having good performance. The headcount reduction is allocated worldwide but of course the ratio will be much lower in the regions that are performing well. The US will be the hardest hit but it will definitely affect all countries.

[Chimp]

Any idea who is the world biggest bank since Citi is No.2? Do you have the rating? Like to see how affected is the No.1 bank.

They are usually ranked by different categories. I would think JP Morgan Chase, HSBC, Citigroup and Bank of America are pretty close in the shareholders equity. In terms of assets, HSBC or UBS should be the no. 1 bank in the world.

[Chimp]

bankers will hate me for saying this but its true.

 

banking is no different from legal loan sharking, they plan devices to either make you stay in debt forever and thread water above head level so that you are perpetually in fear and continually make payment or in the corporate side milk as much of profits as possible from enterprises.

 

sure there are good and necessary banking services like car and house loan - but the schemes and only upward fluctuating interest makes one wonder if its a necessary evil.

 

so end of the day now is karma for the bank and bankers alike.

One very good description about banks is 下雨收傘. They lend you the umbrella when it is sunny and take it back when it is raining.

[Solar]

Mmz.. even the CEO can be ..........

 

if u "help" a company lose few billions and still can have the job, let me know which company and i will beg them to take me in....

 

Got. Starts with a capital 'T'. The other one starts with a capital 'G'.

 

haha... right here in singapore!!

[Taohuaychui]

what do you think, esp citibank typical american cowboy hire and fire mentality.

 

better have backup plan in case you get caught with your pants down.

 

any basis for making this statement? u worked in citibank before? or u 'hear' from other pple?

 

this is definitely not true, citibank is one of the best employers u can find out there, restructuring is part and parcel of working in big corporations, it doesn't happen only to citibank.

 

i used to work in citibank and it ranks as the best employer i ever had. the reason i left the bank is obviously for higher pay elsewhere and i know one day i will be back there.

[Typhoonz]

James Lye got kenna retrenched boh? If so then Diana Ser must wear bikini again liao...

Edited November 30, 2007 by Typhoonz

[Rickster]

For their 'hard work' in leading the Co. into Billions of Dollars of write offs..

 

whilst the folks down below scrap the droppings off the floor.

They'll still get a nice USD$20-50 Million Golden Parachute.

For a job badly done.

 

What can I say.

boo hoo...cry me a river.

 

Yea, the world has never been and will never be fair. The Citigroup ceo is now enjoying the "show" of the aftermath from his multi-million $ beach home. All at the expense of the ricebowl of the innocent 45,000 people who used to be working hard for him.