RBS EMPLOYEES FACE THE AXE
The Straits Times on 31 July 2015 reported that the Royal
Bank of Scotland (RBS) is believed to be axing hundreds of jobs at its
Singapore operations as it scales back its business presence. RBS employs some
1500 here in Singapore and has yet to confirm the exact number of employees to
be axed. RBS posted a first half loss of S$327 million.
Observers believe more global banks have been scaling back
on their investment banking jobs and have offshored mid to back office operations
elsewhere.
Another piece of bad news – oil and gas industry giant PMC
Technologies from the US plans to axe 2000 jobs!
The employment market in Singapore isn’t getting any better.
The Ministry of Manpower (MOM) reported on 30 July 2015 that employment
contracted and citizen unemployment rose to 2.9% in Q2. Economists and manpower
chiefs cautioned that employment rates needed to be monitored closely
especially as weak economic conditions continue to persist in the region and
with fresh, young and qualified graduates from our universities joining the
employment queue.
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