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Showing posts with label retrenchment. Show all posts
Showing posts with label retrenchment. Show all posts
Barclays axed hundreds of IT and backroom operation staff in Singapore
Barclays announced plans in May to trim 7,000 investment banking jobs globally by 2016 and reports suggest that 100 of these roles have been cut in Asia this week. The bank has also suffered several high-profile front-office departures in the region, including Jason Rynbeck, vice chairman of M&A for Asia Pacific, who left to join HSBC.
While much attention has focused on the front-office, within the past week back-office roles in Singapore – where Barclays currently employs about 3,000 people, its largest workforce in Asia – have also been cut.
“Most of the new layoffs in Singapore have actually been IT and operations focused, with some roles being offshored to India,” says a recruiter with knowledge of the bank, speaking on condition of anonymity. “Finance people were lucky this time round but I suspect there will be more cuts coming in the next few months and finance may be next on the list.” Full story
Barclays to cut 12,000 jobs worldwide in 2014
Barclays Plc expects to axe up to 12,000 jobs this year to cut costs and counter falling income at its investment bank, where profits slumped last year.
But it is also paying staff higher bonuses, risking a backlash from the politicians and taxpayers who bailed out much of the industry during the financial crisis.
The bank said on Tuesday that 7,000 of the jobs will go in Britain and half of the affected staff there had already been notified. The latest cuts are not concentrated in any single business area. Full story
Related:
- Barclays to cut up to 12,000 jobs as aims to trim costs - BBC News
- Barclays to axe up to 12,000 jobs - The Telegraph
- Barclays to cut 12,000 jobs, pays bigger bonuses - Reuters
- Barclays to cut 12,000 jobs as bonus pool jumps 10% despite profit slump - The Independent
Is Barclays Singapore planning to retrench another 500 more employees in the coming months?
Singapore Expats Forum, 27 Jan 2014
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300 employees at Barclay Singapore being retrenched?
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300 employees at Barclay Singapore being retrenched?
300 employees at Barclay Singapore being retrenched?
"....my friend who was working here in Barclays and then moved to Barclays Pune just called me. He said 300 people in SIngapore have been fired. I was almost about to get an offer at Barclays last september and now I learn the team in which I was about to move, had I got the offer, has already been lay'd off." Link
Lucasfilm lays off games staff in Singapore
Lucasfilm has laid off almost all of its games staff worldwide to focus on licensing out its game titles.
The “Star Wars” studio did not disclose the number of employees affected, but one of the laid-off employees told Yahoo! Singapore the games division in the city-state ranged between 60 and 100.
The person said the Singapore employees learnt of the lay-offs via email from the U.S. headquarters in the wee hours of Thursday and were told in the local office later the same morning.
Many of the laid-off employees, from designers to software engineers, were upset because the projects they were working on were nearly finished, the ex-employee said. Full story
Also read:
Yaacob Ibrahim brags about Mendaki helping award recipient to get a job with LucasFilm
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SingTel cuts more jobs at Optus, to launch fresh assault on the fixed-line broadband market.
Optus will shed another 290 jobs as it prepares for a fresh assault on the fixed-line broadband market.
The job cuts, foreshadowed last month by The Australian Financial Review , will be spread across the marketing, IT, networks and sales departments.
They bring the total reductions since consumer chief Kevin Russell arrived at the telco a year ago to nearly 1200. Optus had 8764 employees at the end of 2012. Full story
IT Staff Being Retrenched As Mediacorp Outsourced Services To A $10 Company - Report
A TRS Reader working in Mediacorp shared with us this email from January of 2013. In the email, the head of IT at Mediacorp was informing all employees of an organisational change about to occur. He promoted the change as a way to strengthen Mediacorp's capabilities.
In reality, this ‘organisational change’ meant that almost the entire SAP application team was axed. About 30% were made redundant on the spot. The rest were given a timeline of 3 to 6 months to perform transition to the new vendor before they completely exit.
It is also concerning that DWC, the new vendor assigned to take over the SAP projects, is a very new company registered only in 2010 worth only SGD 10.
What’s worse is that the head of IT, is a FT. It was his decision to outsource and ‘reorganize’ causing many people to lose their jobs. Will the retrenched Singaporean workers be replaced by ‘cheaper and more efficient’ foreign workers?
Full story
SingTel's Optus confirms another round of retrenchment
Business Spectator, 20 Feb 2013Singapore Telecommunications Ltd subsidiary Optus has confirmed another round of strategic redundancies as the group aims to further streamline its business and prepare for the launch of the National Broadband Network.
An Optus spokeswoman told Technology Spectator that the group is currently working through a restructure and could not confirm the exact number of job losses.
News of the layoffs was delivered to Optus staff earlier this week as part of an internal memo. The telco has since released a statement about the move. Full story
Pfizer to close Singapore Research Unit, 30 employees face retrenchment
According to a media statement by Pfizer, the company will be closing its Singapore Pfizer Clinical Research Unit (PCRU) in 2013.
The decision was made as part of Pfizer Worldwide Research & Development’s ongoing comprehensive effort to increase operational efficiencies and to create a more focused and sustainable R&D engine. Full story
Singapore Airlines axed 76 pilots
Singapore Airlines Ltd. (C6L.SG) Wednesday said it will ask 76 pilots to leave before their contracts expire, as it grapples with surplus crew and slow business growth.
The pilots are likely to leave by June 30, Singapore Airlines said in a statement. It said it had previously released pilots only when contracts expired.
The airline said it has a pilot surplus because the global financial crisis of 2009-10 left it with excess capacity and slower-than-expected growth. Pilots employed on fixed-term contracts make up about 4% of the 2,350 total. Full story
Chemoil dismisses nine employees from Singapore fuel oil unit after less than a year in operation
Chemoil Energy Limited dismissed nine people in its Singapore-based fuel oil and marine bunker division, a source with direct knowledge of the matter said on Monday.
Only one person remained in the Singapore fuel oil and bunker division, the source said.
"The team was put together only in March, that was less than a year ago," the source said. "Almost all the fuel oil trading companies did not perform last year."
Some members in the team declined to comment when reached. Full story
Globalfoundries retrenches 300 staff in Singapore
Foundry chip maker Globalfoundries has announced that it will lay off about four per cent of its Singapore workforce, cutting 300 jobs as a result of weakening macro-economic situation in the country.
The announcement was made along with Globalfoundries' roll out of its long-term initiative to expand 300mm manufacturing capacity in Singapore. The initiative is called "Vision 2015" but the company did not provide a budget for the project. Full story
ST Engineering cutting 300 jobs at Scandinavian operations
SINGAPORE, Sept 8 ― Singapore Technologies Engineering said yesterday it is likely to cut 300 jobs at its Scandinavian operations as part of a restructuring exercise as it seeks to cope with challenges arising from weak domestic travel and cargo demand, the Dow Jones news agency reported. Full story
Apple retail stores quietly laying off staff - report
Over the past couple of weeks, we've been receiving reports that Apple has been laying off a number of recently-hired staff members at its retail stores. Most of the reports have been coming from Apple retail employees in the United Kingdom, but several of these reports claim that similar actions are taking place at stores around the world. We've also been receiving reports of long-term cutbacks in hours for part-time staff in the United States and Canada. Full story
Britain’s oldest private-equity investor to cut jobs and shrink operation in Singapore
3i Group Plc (III), Britain’s oldest private-equity investor, may cut at least 160 jobs, about 40 percent of its employees, in an overhaul to revive profit, according to a person with direct knowledge of the plans.
“This would be a drastic scale-back,” said Iain Scouller, an analyst at Oriel Securities Ltd. in London, who met with Borrows last week and expected a 20 percent job reduction. “Borrows is moving more quickly than anticipated, with a blank sheet of paper. There are no sacred cows.” Full story
Research In Motion to cut at least 2000 jobs worldwide including Singapore
Research In Motion Ltd. has confirmed it is in the middle of implementing layoffs as part of a broader restructuring that is aimed at helping the struggling BlackBerry maker cut up to $1-billion in costs by the end of fiscal 2013.
The company is looking to trim at least 2,000 jobs from its workforce of around 16,500, sources have previously told the Globe, but the cuts could eventually go much deeper than that.
RIM has already announced the departure of several senior executives and Mr. Heins has been frank about the need to focus RIM as it makes a transition to its new BlackBerry 10 software platform. He has told the Globe previously that some parts of the large multinational company – which has offices and staff around the world, from Waterloo, Ont. to Singapore – were no longer needed. Full story
Singtel to axe 750 staff in Optus
Singapore Telecommunications Ltd owned Optus will axe about 750 jobs as part of a major restructure it says is aimed at delivering greater efficiency.
Optus cited a competitive trading environment and said the cuts would come from senior and middle management, operational, back office and administrative divisions, resulting in a one-off charge of $37 million. Full story
Related:
Optus to slash 750 jobs in restructure - Yahoo!7 News
Optus set to sack 750 - ninemsn Finance
SingTel's Optus plans to cut 750 jobs - MarketWatch
Close to 10,000 workers laid off last year
inSing.com, 26 Apr 2012Some 9,900 workers were laid off in 2011 amid more moderate economic growth.
The figure is slightly higher than the previous year - 9, 800 workers were laid off in 2010.
5.5 workers were made redundant for every 1,000 employees in 2011, down from 5.7 in 2010.
The information came from the "Redundancy And Re-entry Into Employment, 2011" report released by the Ministry of Manpower's Research today. Full story
HSBC Singapore Cuts Over 100 Jobs
Bernama.com, 3 Apr 2012SINGAPORE, April 3 (Bernama) -- Banking giant HSBC cut over 100 jobs in Singapore in one of the largest restructuring exercises by the bank here, China's Xinhua news agency reported, citing the local daily Straits Times report on today.
This represents just over 3.0 per cent of HSBC's 3,000-strong workforce in Singapore. he job cuts were made across different departments and functions such as private banking, marketing and risk management and affected mainly those in executive positions. Full story
Related:
HSBC cuts more than 100 jobs in Singapore - Yahoo! Singapore Finance
HSBC Singapore cuts jobs - inSing.com
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