DBS (will do the right thing/to axe 900 staff)?

Sorry so long never update. Today I blog something ok?

I read with amusement today that "DBS will do the right thing".

By Francis Chan

DBS Group Holdings chief executive Richard Stanley has defended the bank's sale of now-worthless products linked to bankrupt Lehman Brothers in his first public comments on the furore.

'DBS would never knowingly do anything that will hurt customers,' Mr Stanley said, speaking at the release of DBS' third-quarter results yesterday. (ED: of course everyone will claim that. Who will say "I knowingly do something that will hurt the customers?" Want to die ah?)

He said that when DBS sold the High Notes 5 product and Constellation Notes in Hong Kong, 'the world was a vastly different place'. (ED: The world changing everyday lah. You take their money then you better make sure you take care of it.)

On the same page, this was the another article "DBS to axe 900 staff". Below is a short excerpt.

Singapore's DBS Group, Southeast Asia's biggest bank by assets, said Friday it was cutting 900 staff to trim costs amid the global credit crisis, and reported a slump in third quarter net profit.

Chief executive Richard Stanley said most of the cuts, to be carried out at the end of the month, will come from its offices in Singapore and Hong Kong and will account for six percent of the workforce.

The job reductions were announced at a townhall-style meeting with staff on Friday.

"To be a streamlined organisation, I believe we must run a tighter ship (ED: sinking ship maybe. hahahaha) ... This is a painful decision for DBS and for me personally," Stanley told a news conference.

"We have been vigilant on costs but as the economy enters a more difficult and uncertain phase, many financial institutions around the world and in Asia have made headcount reductions," he added.

"To be more productive and efficient, we will restructure and streamline the organisation. Regrettably, this has resulted in the need to reduce our workforce by six percent or about 900 people, primarily in Singapore and Hong Kong, by the end of the month."

I can't help but wonder what is their real message. Could it be that the right thing to do was to axe 900 staff? Hahahaha! Don't quote me ok? I just think that it was very funny that both articles were on the same page. I thought that they were related at first. BUT wait ah, this is no laughing matter. 900 people will be losing their jobs man. I feel sorry for them. But then, can take the opportunity to work at the IR mah coz they employing retrenched people. Oh wait, maybe coz no one apply to work there so they collaborate with DBS to free up some manpower. WAH! That is damn jialat I tell you. But speculation only lah. I don't think it's true. Those people kenna retrench got any union to protect them anot? To fight for their rights etc? I think have this union called NTUC. They sell vegetables, groceries, insurance and even provide taxi service last time in collaboration with Comfort Cabs (but seriously, not always very comfortable lah. Give and take abit loh ok. Singapore got world class transportation system leh). I don't really know what else they do. They don't represent me also.

The only other union I can think of is the one below. Picture taken from here. (Thank you. If cannot use, tell me ok? I will take down. But then ah, free publicity for you leh. you should pay me actually. hahaha. ;) j/k)


At least this union is doing a great job. See all the awards they have? My house also use. HAHHAHAHA.

Anyway, if I don't update, just visit the links on my right lah (talkingcock.com, singabloodypore, mrbrown etc) They all tok kong (powerful) one. If you happen to stumble upon my blog, leave comments lah. Don't shy. Anonmynous also can. Just complain. I won't catch you. hahahaha. I not undercover. But I really wonder what happen to rockson. ISD ah?