Bank relocation shows FT policy will backfire?

[Ahtong]

This Article talks about banks relocating some jobs out of Singapore. Of particular interest is the following paragraph in bold.

 

Cost cutting has fuelled the rise of Asian back-office centres in India and the Philippines, and to a lesser extent China and Malaysia. Banks

[LoverofCar]

We are simply a sucker place to train these so called FT...so after they learn the trick go back to their country.....we will become too expensive a place for business....just like how europe and USA are suffering now....Asia countries are getting too smart now.....

[Kangadrool]

It's no secret that Singapore is a test bed for many things before they are are springboarded to other areas/countries.

[Wyfitms]

Not sure how true such articles are.

 

A friend is working in CS back office. (middle mgt role).

 

Told me all is well there. Bonus in past 3 yrs between 4 and 8 mths.

 

Got promoted, yearly increments, etc.

 

In summary, nice cushy job.

[Altivo]

The article is talking crap lah. India and Philippines are favoured because their labour speaks english and are cheaper. There's no way they can be financial centres when their regulators change their regulations faster than I can change my underwear. Plus there are lotsa red tape there. Also both IDR and PHP are non-deliverable currencies. So what kind of financial centres are they talking about?

 

[Yellowbird]

well.. its the nomal procedure... a lot of Chinama ncomes to Sg to work in the marine industry.. from low worker to senior manager... when learn enough..... they go back to china.... now even china knows how to build high tech 6th generation semi oil rig or drill ship...

 

Who wants to stay here when they can be king back in their own country.....

[Kenmical]

Not sure how true such articles are.

 

A friend is working in CS back office. (middle mgt role).

 

Told me all is well there. Bonus in past 3 yrs between 4 and 8 mths.

 

Got promoted, yearly increments, etc.

 

In summary, nice cushy job.

 

Spend today and worry tomorrow hence the relocation. Amid Eurozone crisis and previous subprime, nobody in the banking sector is willing to give up fat bonuses. They just continue from top down until they realised money no more.

[Kenmical]

Anyway history taught us that the Europeans are the most unreliable bunch (less Germans who want to rule the world). They colonised and ditch the s--t when the s--t is too much for them.

[Cars08]

The article is talking crap lah. India and Philippines are favoured because their labour speaks english and are cheaper. There's no way they can be financial centres when their regulators change their regulations faster than I can change my underwear. Plus there are lotsa red tape there. Also both IDR and PHP are non-deliverable currencies. So what kind of financial centres are they talking about?

Customer Svc Center lor...what else....

[Altivo]

Customer Svc Center lor...what else....

 

 

Hahaha... more like call centres

 

I've been to my bank's operations centres in Mumbai and Manila. From my observation, the mumbai folks are generally hardworking and reliable. They also take instructions w/o asking too much questions which can be both good and bad. For the pinoys, they have a more carefree attitude, have lotsa coffee breaks and likes to chat. For the whole week I was in Manila, they were either snacking or chatting!

[Donut]

We are simply a sucker place to train these so called FT...so after they learn the trick go back to their country.....we will become too expensive a place for business....just like how europe and USA are suffering now....Asia countries are getting too smart now.....

 

it's no secret that we are a sucker place. We knew it long time ago, except for some people who are still in denial.

 

What PR? What new Citizen? It's all fake............

[Donut]

Anyway history taught us that the Europeans are the most unreliable bunch (less Germans who want to rule the world). They colonised and ditch the s--t when the s--t is too much for them.

 

Plus the British...................

[Cars08]

 

[Mockngbrd]

this one shld be even more bold + red + underline

 

Many Indian candidates in particular are moving home after gaining experience in Singapore

[Oblong]

Call centres, Manila has been in the forefront for the past decade together with bangalore.

 

http://www.telegraph.co.uk/travel/destinat...re-capital.html

 

Singapore is never competitive as front line call centre, not exactly high value add too.

 

There has been an effort previously to promote singapore as data centre (back office) with reliable electricity, and extensive, fast, reasonable priced comms links.

But with virtualisation and remote management, putting the machines here can still relocate the personnel somewhere else.

[Gerd]

Ironically it shows we need FT. If you stop the cheap labour from coming in, the companies (and jobs) move to where they are.

[Royho1979]

Ironically it shows we need FT. If you stop the cheap labour from coming in, the companies (and jobs) move to where they are.

 

Whats the point of having jobs that cant be filled by locals? So that we can get foreigners to fill jobs. Other than having more stress on the infrastructure, how does having jobs that only foreigners can fill help us?

[Ahtong]

To be honest, other than the civil service, I cannot think of many jobs that die-die must be done by locals and die-die must be based in the home country.

 

Technology has really changed the world.