SINGAPORE: As Singapore’s outlook darkens with growth cooling to levels last seen a decade ago, there could be more retrenchments and fewer job vacancies ahead, said economists.The job losses will likely come from outward-oriented sectors, which have been hit by a protracted trade spat between the United States and China.Already for the first quarter, data from the Ministry of Manpower (MOM) showed an increase in retrenchments – from 2,510 in the previous quarter to 3,230 – on the back of a near three-fold jump in job losses in the manufacturing sector.The economy grew 1.1 per cent year-on-year during the first quarter but amid falling factory activity and exports, growth in the second quarter slowed sharply to a decade-low 0.1 per cent on a year-on-year basis based on recent flash estimates.DBS senior economist Irvin Seah said it is “pretty clear that the outlook for the labour market isn’t going to be great” given the “drastic” growth … [Read more...] about What Singapore’s slowing GDP growth means for the jobs market
Careers deutsche bank
FRANKFURT: The Qatari-backed lawyer tasked with trying to draw a line under Deutsche Bank's regulatory scandals has risen rapidly at the German bank, jumping to the management board after three years as a "sparring partner" on the bank's supervisory body.Deutsche Bank is desperate to clean up its act and restore its reputation after years of turmoil including the Libor rate-rigging scandal and money-laundering investigations, and Stefan Simon has an intimate knowledge of the bank's rocky relationships with regulators and courts.The enigmatic corporate lawyer will soon be sitting on Deutsche's management board, promoted from its external oversight board as part of a 7.4 billion euro (US$8.3 billion) overhaul which will see the bank shrink and lose 18,000 jobs.Simon joined Deutsche's supervisory board three years ago, with the backing of the lender's largest shareholder, Qatar. He played an influential role on that board, impressed his backers and served on the very committee that … [Read more...] about New man on the board to clean up Deutsche Bank’s act
3,230 workers were retrenched in the first quarter of 2019, compared with 2,510 in the last quarter of 2018. That's a big spike. There's also been a spate of high-profile retrenchments that just won't fade from our memory, including the SPH retrenchment exercise in 2018 that saw their headcount reduced by about 10 per cent. Then there was the StarHub retrenchment exercise during the same period which saw about 300 full-time employees losing their jobs. Just a few days ago, Deutsche Bank announced that they're going to undertake a huge retrenchment exercise affecting their offices in Asia, so the Singapore office is holding its breath. Singapore tends to be overwhelmingly pro-business, which translates to weak employee rights. There are actually some rules pertaining to retrenchment as set out by MOM, but how much protection do they really offer? Well, guess what, employers are actually obliged to pay retrenchment benefits to employees who have served the company for at least two years. … [Read more...] about What are the MOM retrenchment benefits in Singapore?
HONG KONG/LONDON/NEW YORK -- Summoned by HR to be handed a Deutsche Bank envelope, many of its staff across the world then left their desks for the last time on Monday, shown the door by their German employer within hours of a restructuring announcement. Deutsche Bank confirmed on Sunday that it was closing huge parts of its trading businesses, with staff in its equities division in Sydney and Hong Kong among the first to be told their roles would go. "If you have a job for me, please let me know," said a banker leaving the Hong Kong office on Monday. Staff leaving in Hong Kong were holding envelopes with the bank's logo. Three employees took a picture of themselves beside a Deutsche Bank sign outside, hugged and then hailed a taxi. "They give you this packet and you are out of the building," said one equities trader. "The equities market is not that great so I may not find a similar job, but I have to deal with it," said another. At the bank's Wall Street office, staff impacted by the … [Read more...] about Deutsche Bank careers end in an envelope, a hug and a cab ride
Deutsche Bank staff saw suspicious activity in Trump and Kushner accounts Anti-money laundering specialists at Deutsche Bank recommended in 2016 and 2017 that multiple transactions involving legal entities controlled by Donald Trump and his son-in-law, Jared Kushner, be reported to a federal financial-crimes watchdog. The transactions, some of which involved Trump's now-defunct foundation, set off alerts in a computer system designed to detect illicit activity, according to five current and former bank employees. READ MORE HERE At least 12 people injured in Egypt blast targeting tourist bus An explosion targeting a tourist bus injured at least 12 people on Sunday (May 19), mostly South African tourists, near a new museum being built close to the Giza pyramids in Egypt, two security sources said. A third security source said the bus was carrying 25 South African tourists from the airport to the pyramids area, and that four Egyptians in a nearby car were also injured by broken … [Read more...] about While You Were Sleeping: 5 stories you might have missed, May 20