Greatbirdlegend 1st Gear July 28, 2011 Share July 28, 2011 Singapore came out pretty good in the first round. Companies were already cutting to the bones. How would we fare this time? ----- UPDATE 2-HSBC may cut more than 10,000 jobs - report Related News HSBC close to decision on thousands of job cuts -report Wed, Jul 27 2011 * More than 10,000 jobs at HSBC could go - Sky News * HSBC spokeswoman in Hong Kong declines to comment * Credit Suisse says to cut 2,000 jobs (Adds Credit Suisse cuts, background, HSBC shares) HONG KONG, July 28 (Reuters) - HSBC Plc may cut more than 10,000 jobs as it embarks on a cost-cutting drive, Sky News reported, citing people close to Europe's biggest bank. The bank's plans have not yet been finalised, Sky News added, citing an insider at the bank . A HSBC spokeswoman in Hong Kong declined to comment. HSBC's move would be the latest in a wave of cuts announced by the global financial industry, which has been hit by market volatility and lacklustre profits. Just on Thursday, Swiss bank Credit Suisse announced it would cut about 2,000 jobs. Standard Chartered , Lloyds , Goldman Sachs and UBS are among banks that have announced job cuts in recent months, hit by rising costs and weak revenue growth. State Street Corp , one of the world's biggest institutional investors, said earlier this month it would eliminate as many 850 jobs from its technology unit as it tries to curb costs. HSBC has about 330,000 employees worldwide, and the Sky report comes after it said in May it was looking for sustainable cost savings of $2.5 billion to $3.5 billion in order to reach a cost efficiency ratio target of 48-52 percent by 2013. It also said it would be conducting a strategic review of its cards business in the United States, and would limit its retail banking operations to markets where it can achieve profitable scale. It already cut 700 jobs in its UK retail banking arm in June this year out of its staff of 55,000 in the country, one of many banks that have said they will cull jobs to save costs as lenders fight off a limp economic recovery. HSBC shares in Hong Kong were down 1.1 percent by noon, in line with the broader market's 1 percent decline. (Reporting by Kelvin Soh; Editing by Ken Wills and Muralikumar Anantharaman) ↡ Advertisement Link to post Share on other sites More sharing options...
SimonTan 2nd Gear July 28, 2011 Share July 28, 2011 What do these banks know that we don't? I thought banks are making tons of money lately? Hmmmm...... Link to post Share on other sites More sharing options...
Sdf5725 1st Gear July 28, 2011 Share July 28, 2011 yalor. singapore economy so good. ppl got so much spending power. all these figures presented still cannot beat the reality? Link to post Share on other sites More sharing options...
Whathefish 5th Gear July 28, 2011 Share July 28, 2011 10,000? a small % for HSBC...but still alot Link to post Share on other sites More sharing options...
Joseph22 Turbocharged July 28, 2011 Share July 28, 2011 On 7/28/2011 at 5:41 AM, SimonTan said: What do these banks know that we don't? I thought banks are making tons of money lately? Hmmmm...... not sure true or not, my friend in property line mention that now very hard to get loan. even got ppl who being rejected because of Credit cards bills. (not sure of the detail though) Link to post Share on other sites More sharing options...
Sabbie Clutched July 28, 2011 Share July 28, 2011 On 7/28/2011 at 5:41 AM, SimonTan said: What do these banks know that we don't? I thought banks are making tons of money lately? Hmmmm...... Banks are bleeding la.... Link to post Share on other sites More sharing options...
Karu 6th Gear July 28, 2011 Share July 28, 2011 Some signs of dip in economy already... Heard some factories are also cutting back on production forcing people to take leave. Brace yourselves for a rough ride after ~ 2 + years of boom!!! Link to post Share on other sites More sharing options...
Hiphiphoray 6th Gear July 28, 2011 Share July 28, 2011 Har ? Last 2+ years got boom mei ? So-So increment and so-so bonus nia lei. On 7/28/2011 at 6:28 AM, Karu said: Some signs of dip in economy already... Heard some factories are also cutting back on production forcing people to take leave. Brace yourselves for a rough ride after ~ 2 + years of boom!!! Link to post Share on other sites More sharing options...
Joseph22 Turbocharged July 28, 2011 Share July 28, 2011 On 7/28/2011 at 6:28 AM, Karu said: Some signs of dip in economy already... Heard some factories are also cutting back on production forcing people to take leave. Brace yourselves for a rough ride after ~ 2 + years of boom!!! to me, if getting out of Economics Crisis so fast mean there is another one around. Anyway, heard that normally Economic Crisis is double dip format. Link to post Share on other sites More sharing options...
Lenfuma03 Neutral Newbie July 28, 2011 Share July 28, 2011 I scared leh... and somemore graduating soon. how sia? Link to post Share on other sites More sharing options...
Sabbie Clutched July 28, 2011 Share July 28, 2011 On 7/28/2011 at 6:39 AM, Lenfuma03 said: I scared leh... and somemore graduating soon. how sia? You scare what, you also no job yet, not vested in the market, worse come to worse take a mba for 2 years and wait for market to recover la Link to post Share on other sites More sharing options...
Whathefish 5th Gear July 28, 2011 Share July 28, 2011 On 7/28/2011 at 6:39 AM, Lenfuma03 said: I scared leh... and somemore graduating soon. how sia? take it easy....when i graduate...911 happen...knn sit at home almost one year..hahahaha Link to post Share on other sites More sharing options...
Mightymito 1st Gear July 28, 2011 Share July 28, 2011 what the fish uni grad in september Link to post Share on other sites More sharing options...
Sabbie Clutched July 28, 2011 Share July 28, 2011 On 7/28/2011 at 6:42 AM, Whathefish said: take it easy....when i graduate...911 happen...knn sit at home almost one year..hahahaha my first job is during sars and my salary on $1500 Link to post Share on other sites More sharing options...
Karu 6th Gear July 28, 2011 Share July 28, 2011 Keep more cash... Invest in stocks / property when economy go down & everyone is fearful. Wait a couple of years & you can reap your fruits when economy recovers. Missed the last one, cannot miss it again... Link to post Share on other sites More sharing options...
Throttle2 Supersonic July 28, 2011 Share July 28, 2011 cost cutting reveals one most important info. = Decreasing Revenues experience will tell us that once it hits our shores, property prices will become more realistic, COE prices will become more realistic.....hang in there. Link to post Share on other sites More sharing options...
Sabbie Clutched July 28, 2011 Share July 28, 2011 On 7/28/2011 at 6:55 AM, Karu said: Keep more cash... Invest in stocks / property when economy go down & everyone is fearful. Wait a couple of years & you can reap your fruits when economy recovers. Missed the last one, cannot miss it again... me too, but if economy tanks, i scare i lose my job and cannot get housing loan Link to post Share on other sites More sharing options...
Sabbie Clutched July 28, 2011 Share July 28, 2011 On 7/28/2011 at 6:58 AM, Throttle2 said: cost cutting reveals one most important info. = Decreasing Revenues experience will tell us that once it hits our shores, property prices will become more realistic, COE prices will become more realistic.....hang in there. when when when my dear throttle ↡ Advertisement Link to post Share on other sites More sharing options...
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