This is good news, the Indians will return to India. IT department here all belongs to Indians already, no longer a Singaporean job. We got sold out long ago.
Rating: +18 (from 20 votes)
He was responding to a Bloomberg report carried by TRE that said Barclays intends to cut approximately 100 IT jobs here
The report said that the employees are part of the Information Technology Operations team.The IT function will be moved to India to save on costs.
Barclays has since confirmed in a statement that it is in the process of cutting jobs here saying “identified a number of additional roles that carry out global activity in Singapore which can be relocated”
As I’ve reported before, in the early noughties, the PAP administration allowed the likes of Merrill Lynch, Citi and Beutsche to import cattle truck-loads of Indian IT FTs, in return for the banks promising to set up big chunks their global back office IT ops here.
As I reported beforem one shop in Suntec City had to fold after Citi retrenched its Indian ITs during the financial crisis. The owner’s biz model was premised on Indian FT techies.
Carrefour also closed its section selling freshly made Indian food that it opened a year earlier.
These two businesses show the kind of spin-offs of having FTs here. And what happens when they leave.
In general, the benefit of FTs coming in is the money they spend on entertainment, rent etc. When they leave, this spending is lost.