atans1

Not reported: banking jobs being relocated out of S’pore systematically

In Economy, Media on 04/09/2012 at 7:10 am

Credit Suisse is relocating dozens of back-office jobs from Singapore to India and Poland as part of efforts to cut costs, the FT reported on Monday. It also reported that Morgan Stanley last month completed shifting about 80 back-office jobs to India and Hungary, from Singapore.

And that other banks were planning to move back office jobs to “cheaper” countries.

Our constructive, nation-building media were very quick to report a survey that UK investment bankers wanted to come here, but while Today and BT (online) reported bits of above, ST never did. And BT (the paper) does not seem to have reported it.

AND they all don’t publish the bit about Morgan Stanley and the other banks. Remember you read it here.

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  1. Thank you for these strictly private & confidential information.
    I find this ” for your eyes only” method of editing by the constructive, nation-building media
    puzzeling.

  2. CI

    I would think that this should be happy news for a number of the online commentators.
    It is always a case of be careful what you wish for.

    In this tech age, frankly, a significant number of jobs can be done anywhere and people may get their wish of reduced populace but may not like the feeling of a slow job market coupled with higher prices and costs.

    Have a nice week ahead

  3. CS is not the only Bank that has moved its back end ops to low cost developing country.
    Even UBS or DB have already done that. This is not a new trend. It has been expected by many a matter of time. Thus the urging of the sleeping government to do something about increasing the higher value jobs as opposed to blindly competing on ‘faster, cheaper, better’ mantra with 3rd world country that is a losing game! Instead, they decided to bring in those cheap labor onto our shore, thereby delaying real solutions of revamping the economy.

  4. The local FTs should be the ones complaining about the lost of *their* jobs to their buddies back home.

    Even Singapore FTs are now too expensive :-)

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