atans1

OCBC: Standards even lower than PM?

In Banks, Political governance on 19/01/2012 at 5:42 am

PM said abt his ministers as reported in the media: Negligent or dishonest ministers will be sacked, but short of that, there is a need to handle exits decorously and with dignity – and not turn them into public spectacles that deter more good people from entering politics.

“If a minister doesn’t perform well despite his best efforts, then I will move him to a less demanding portfolio where he is able to perform or, if necessary, I may have to phase him out discreetly,” he said. “Not every person who comes into government will succeed as minister. It’s a difficult job.”

What the Fish? Where’s the accountability? Looks like once a minister, can skive or tuang, juz need to show trying. No wonder Lim Hng Kiang is still a minister. Bet you he is the MR3 minister who gets more than other ministers except PM and DPMs. He’s got the senority being a cabinet minister since 1994.¬†Raymond Lim and Mah should cry,”Not fair, PM”, and “Why us, and not Yacoob?”.

But WTF? OCBC is going one step “betterest”.

“After the succession, OCBC’s corporate bank will be divided into corporate banking and commercial banking, which will be led by Mr George Lee, currently head of investment banking, and Mr Linus Goh, currently head of enterprise banking and financial Institutions”.

I mean OCBC’s investment bank is a complete failure and the guy running it will run the corporate bank? Albeit one that is less impt than the previous corporate bank.¬†At least PM moves duds to portfolios where he thinks they can’t do much damage. OCBC moves an underperformer to where he can damage the brand seriously.

Think I’ll stick to UOB, that I hold via Haw Par.

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  1. Among the accolades the bank foistered on itself and its outgoing CEO was their Indonesian subsidiary, OCBC NISP. Do they remember NISP was once one of the larger mid-tier banks? It has has fallen off the ladder and also among the lowest ROE performers (around 10% when norm is 15%-20%).
    At least don’t anyhow pick any rabbit from the hat, lah.

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