Last year was not a good one for executives in Singapore. A new report from Ministry of Manpower in Singapore showed that professionals accounted for 54%, or 5,960, of all layoffs in the city-state in 2012. And recruiters in Singapore say last year was one of the worst on record for redundancies in the finance sector.
The tide, however, could be turning. Earlier this week, we reported that human resources professionals don’t expect the same level of layoffs this year. While banks will cut a few underperformers, as they always do, the HR experts don’t expect any headline-grabbing mass retrenchments.
Meanwhile, Asia One reports today that redundancies this year are unlikely to increase over last year’s amount.
New head (Finance Asia)
Citigroup has appointed Chris Laskowski as head of its corporate and investment banking business in Hong Kong.
Profits up (WSJ)
AIA Group’s new-business value rose 25% to a record high in its fiscal first quarter, driven by strong growth in markets such as Hong Kong, Korea and Indonesia.
Slow growth (Shanghai Daily)
Bank of China and the Bank of Communications reported slower growth in net profit in the first quarter of this year as the Chinese economic expansion slowed.
No move (Asia One)
A High Court judge in Singapore has refused a bid by Morgan Stanley to move a US$32 million lawsuit it is facing from New York to Singapore.
Profit drop (Asian Banking & Finance)
UOB is expected to suffer 5% profit dip to $662m