HWZ Forums

Login Register FAQ Mark Forums Read

Standard Chartered - Only Online Trading in town with no minimum commission

Like Tree964Likes
Closed Thread
 
LinkBack Thread Tools
Old 08-01-2015, 12:46 PM   #2866
Greater Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 78,563
SINGAPORE: Standard Chartered said on Thursday (Jan 8) that it remains committed to the Singapore market, amid reports that it will close its institutional equities business and lay off 11 per cent of its staff in Malaysia.

The bank's closure of its institutional equities business will result in 200 job losses across Hong Kong, Indonesia, Korea, India and Singapore, said a bank spokesperson in Singapore, who declined to give a country-by-country breakdown of layoffs.

Standard Chartered employs around 7,400 people in Singapore, making it one of the biggest financial sector employers in the city-state.

"As a bank that has operated in Singapore for more than 150 years, Standard Chartered remains committed to Singapore and will continue to support the growth aspirations of our clients here," the bank spokesperson told Channel NewsAsia.

The spokesperson added the decision to close its institutional cash equities, equity research and Equities Capital Market (ECM) business with immediate effect does not impact its "core strategic aim of supporting the international trade, wealth and fixed income, currencies and commodities (FICC) needs" of corporate and affluent retail clients.

Reuters had earlier on Thursday reported Standard Chartered's plans to shut its loss-making equities business as part of a plan to reduce its cost base by about US$400 million.

"As part of the Bank’s execution of the refreshed strategy announced last year, the decision has been taken to exit globally the institutional cash equities, equity research and Equities Capital Market (ECM) business with immediate effect. A transition team will remain to manage the interim period," the spokesperson said.

Separately, reports in Malaysian media and Bloomberg said the UK bank planned to reduce its Malaysia headcount by 11 per cent. The job cuts will take place during the first quarter and affect staff in the retail-client business and brand and marketing, Bloomberg said, citing a memo seen by its reporters.

According to the bank's website, it has about 7,000 staff in Malaysia.
platopus likes this.
Sinkie is online now  
Old 08-01-2015, 12:47 PM   #2867
High Supremacy Member
 
lalalalalala's Avatar
 
Join Date: Dec 2005
Posts: 28,787
If its with immediate effect then our shares haven't transfer out how

Edit, so now they only closing malaysia but not SG side?
lalalalalala is offline  
Old 08-01-2015, 12:49 PM   #2868
Greater Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 78,563
If its with immediate effect then our shares haven't transfer out how

Edit, so now they only closing malaysia but not SG side?
aya, they are closing down, not liquidating lah.

maybe out of goodwill, they will also absorb all their transfer fee for sgx share when u go out to cdp?
Sinkie is online now  
Old 08-01-2015, 12:51 PM   #2869
Banned
 
Join Date: Aug 2008
Posts: 5,052
“(Standard Chartered) has not made any money in the last two years,” Reuters quoted a source as saying. The bank had failed to be among the top 10 banks globally for research or trading at the end of 2013, reported Reuters, citing a survey by Greenwich Associates.


wah epic fail
platopus likes this.
felixleong is offline  
Old 08-01-2015, 12:51 PM   #2870
High Supremacy Member
 
Join Date: Aug 2011
Posts: 26,169
Guys they are closing their institution equities biz, nothing is mentioned about their custodian biz. No need to jump the gun first
highsulphur is offline  
Old 08-01-2015, 12:51 PM   #2871
Master Member
 
Join Date: Sep 2005
Posts: 4,551
If its with immediate effect then our shares haven't transfer out how

Edit, so now they only closing malaysia but not SG side?
there's no such thing as immediate effect la. definitely will have to give their customers time to adjust.
anfielder is offline  
Old 08-01-2015, 12:52 PM   #2872
High Supremacy Member
 
Join Date: Aug 2011
Posts: 26,169
aya, they are closing down, not liquidating lah.

maybe out of goodwill, they will also absorb all their transfer fee for sgx share when u go out to cdp?
The guys here are sounding like scb is going to go under.
Perisher likes this.
highsulphur is offline  
Old 08-01-2015, 12:52 PM   #2873
Senior Member
 
SakuraDrops's Avatar
 
Join Date: Jan 2009
Posts: 677
Really is **** happens maybe i take 1/2 day settle it now...
Yah does cmib charge for inactivity?
SakuraDrops is offline  
Old 08-01-2015, 12:52 PM   #2874
Greater Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 78,563
Guys they are closing their institution equities biz, nothing is mentioned about their custodian biz. No need to jump the gun first
yeah, relax first lahh everyone...
Sinkie is online now  
Old 08-01-2015, 12:54 PM   #2875
Banned
 
Join Date: Aug 2008
Posts: 5,052
btw those who have shares in SCB and looking for an exit
remember to always think hard between transferring and unwinding

if the cost of transferring to another brokerage house is 0.5% of the portfolio, I think still fine to take the pain.. if 1% or higher than really makes no sense (imagine 20k portfolio u pay $200-500 to transfer a few stocks)

if cost of transferring is higher than 1% it may make economical sense to liquidate your position (sell everything in SCB), then use the cash to build the same position at another house (since commission times 2 way is less than 0.6% but u also lose on the spread.. so I take it as 1%)
felixleong is offline  
Old 08-01-2015, 12:56 PM   #2876
Arch-Supremacy Member
 
Asphodeli's Avatar
 
Join Date: Jul 2001
Posts: 15,646
btw those who have shares in SCB and looking for an exit
remember to always think hard between transferring and unwinding

if the cost of transferring to another brokerage house is 0.5% of the portfolio, I think still fine to take the pain.. if 1% or higher than really makes no sense (imagine 20k portfolio u pay $200-500 to transfer a few stocks)

if cost of transferring is higher than 1% it may make economical sense to liquidate your position (sell everything in SCB), then use the cash to build the same position at another house (since commission 0.275% times 2 is less than 0.6% but u also lose on the spread.. so I take it as 1%)
In any case, let's wait and see, but best is to sign up accounts with other firms, just in case.
Asphodeli is offline  
Old 08-01-2015, 12:56 PM   #2877
High Supremacy Member
 
lalalalalala's Avatar
 
Join Date: Dec 2005
Posts: 28,787
btw those who have shares in SCB and looking for an exit
remember to always think hard between transferring and unwinding

if the cost of transferring to another brokerage house is 0.5% of the portfolio, I think still fine to take the pain.. if 1% or higher than really makes no sense (imagine 20k portfolio u pay $200-500 to transfer a few stocks)

if cost of transferring is higher than 1% it may make economical sense to liquidate your position (sell everything in SCB), then use the cash to build the same position at another house (since commission times 2 way is less than 0.6% but u also lose on the spread.. so I take it as 1%)
Yes I am considering that also, but have to wait for the market to open (LSE in my case)
lalalalalala is offline  
Old 08-01-2015, 12:57 PM   #2878
Greater Supremacy Member
 
Sinkie's Avatar
 
Join Date: Jan 2009
Posts: 78,563
btw those who have shares in SCB and looking for an exit
remember to always think hard between transferring and unwinding

if the cost of transferring to another brokerage house is 0.5% of the portfolio, I think still fine to take the pain.. if 1% or higher than really makes no sense (imagine 20k portfolio u pay $200-500 to transfer a few stocks)

if cost of transferring is higher than 1% it may make economical sense to liquidate your position (sell everything in SCB), then use the cash to build the same position at another house (since commission times 2 way is less than 0.6% but u also lose on the spread.. so I take it as 1%)
or maybe can negiotiate with scb to waive off all transfer and handling fee of share out? then it will be free this way.
Sinkie is online now  
Old 08-01-2015, 12:59 PM   #2879
Banned
 
Join Date: Aug 2008
Posts: 5,052
or maybe can negiotiate with scb to waive off all transfer and handling fee of share out? then it will be free this way.
hm.. sometimes can discuss one, example if u holding a lot of shares (big player), you want to move from one house to another, the receiving house in order to win your business may consider absorbing all your fees (must discuss with your broker)
felixleong is offline  
Old 08-01-2015, 01:00 PM   #2880
Banned
 
Join Date: Aug 2008
Posts: 5,052
In any case, let's wait and see, but best is to sign up accounts with other firms, just in case.
ya best to have back up plan

same as bring a girl to hotel, don't bring one condom only if break how leh, always bring one full pack hehe

just kidding
Asphodeli likes this.
felixleong is offline  
Closed Thread
Important Forum Advisory Note
This forum is moderated by volunteer moderators who will react only to members' feedback on posts. Moderators are not employees or representatives of HWZ. Forum members and moderators are responsible for their own posts.

Please refer to our Terms of Service for more information.


Thread Tools

Posting Rules

Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are On