atans1

S’pore: “hewers of wood and drawers of water”

In Banks, Economy on 10/08/2016 at 7:50 am

FT reports that Goldman has 62 per cent of its “strategic location” headcount in Bangalore, 22 per cent in Salt Lake City, 8 per cent in Dallas/Irving, 7 per cent in Singapore and 1 per cent in Warsaw.

We are “hewers of wood and drawers of water” for Goldie. PAP administration will say that we must thank the FTs for this. Given our world beating rankings in academic excellence, who is responsible for ensuring that we (because of the FTs) can only be “hewers of wood and drawers of water”?

The PAP administration is a reasonable answer given its claim that the rankings shows the PAP administration’s long-term planning. To be fair, in the early noughties, the  PAP administration sought to make S’pore a global hub for banks IT operations. FT Indians were let in by the cattle-truck load because Merrill Lynch, Citi and Deutsche agreed to use S’pore as  global hub. I know someone in Suntec City whose biz model depended on the FT Indians Citi employed. When Citi retrenched, he closed his biz. As did the spot in Carrefour that sold great Indian cooked food.

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