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Morning Coffee: The difficult dilemma facing Stan Chart staff in Singapore

The difficult dilemma facing Stan Chart staff in Singapore

So shall we leave?

Should you stay put and risk the axe falling, or should you move jobs and potentially take a pay cut? That’s the dilemma facing Standard Chartered employees in Singapore following the announcement earlier this week that the firm is trimming 15,000 jobs.

The Straits Times is reporting, quoting anonymous Stan Chart Singapore employees, that there have been senior departures from the firm in the past few months and that more staff are now thinking of quitting in the wake of the new restructuring announcement.

Recruiters we’ve spoken with in Singapore this week confirm an increase in calls from Stan Chart employees who want to move to avoid the possibility of suddenly being axed. Meanwhile, Bloomberg reports that Callum Henderson, the global head of foreign-exchange research at Stand Chart in Singapore, is among those who have already left the bank.

Stan Chart staff looking for new jobs face two large problems, however. One is temporary and seasonal – the fourth quarter is the quietest time of the year for hiring. The other is financial – as we reported in June, Stan Chart is among the best paying banks in Singapore, partly thanks to its generous ‘targeted bonus’ scheme. “So if you move from SCB, you’ll probably have to take a pay cut,” explains a recruiter in Singapore.

Meanwhile:

China stocks re-enter bull market as investors jump back in. (South China Morning Post)

Standard Chartered shares take a further hit. (WSJ)

Why it’s hard going working in Chinese distressed debt. (Finance Asia)

Aberdeen Asset Management recruits in Taiwan and Malaysia. (Asian Investor)

Where should Bank of America call home? (WSJ)

Why Hong Kong billionaires are hiring more bodyguards. (Channel News Asia)


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