atans1

Another ugly, entitled S’porean/ Cry for fund mgrs

In Uncategorized on 25/01/2016 at 5:49 am

“What a sense of entitlement: “We drove the business so hard, and this is what we get,” said one banker…” ST reported.

I mean the chairman of Barclays had said “not performing — and we don’t like things that actually don’t make money”.

Not make money expect high pay and job security? The person Barclays retrenched is  related to Dr Eng, property developers, Fernvale residents and ministers  saying.

Barclays retrenched people here from equities broking (now called “cash equities”. I was in this line and the deal then and now is “Hard work is BS. Revenue talks”. Then as now, job security and hard work, meant nothing. Bring in the revenue and get rewarded.

Staff of fund mgrs globally took a pay cut of almost a fifth in 2015 as the industry grappled with its worst year of profitability since the financial crisis. US and Asian-based staff suffered most/

 

  1. There are a lot of entitled twits in the industry who think revenues generated by the banks are all due to them, a way of thinking encouraged by their managers, who of course came from their ranks. They never thought of the bank’s franchise enabled those revenues nor did they ever thought of the amount of capital their business consume. Worse, they never considered that their higher than average salaries are already a compensation for work that has little job security whether one makes money or not.

    The twit who made that comment ought to think of the hundreds of thousands who were retrenched from the industry since 2008, never able to get back in.

  2. Equities broking has been a low value sales job for many many years liao. With today’s matured trading platforms and numerous built-in analyses and sophisticated trading order types, brokers are basically looking like Sim Lim Square salesmen in their value add.

    Fund mgmt has been losing sales & revenue as people realised they’ve been getting ripped off by overpriced & underperforming funds, overpaid fund mgrs and analysts. The trend for over 10 yrs now in developed markets has been to extremely low-cost ETFs and customers in 2nd-tier markets have been following suit in recent years.

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