964Likes
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08-01-2015, 12:46 PM
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#2866
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Greater Supremacy Member
Join Date: Jan 2009
Posts: 85,715
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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.
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08-01-2015, 12:47 PM
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#2867
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High Supremacy Member
Join Date: Dec 2005
Posts: 33,227
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If its with immediate effect then our shares haven't transfer out how
Edit, so now they only closing malaysia but not SG side?
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08-01-2015, 12:49 PM
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#2868
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Greater Supremacy Member
Join Date: Jan 2009
Posts: 85,715
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lalalalalala wrote:
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?
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08-01-2015, 12:51 PM
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#2869
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Banned
Join Date: Aug 2008
Posts: 5,052
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“(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
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08-01-2015, 12:51 PM
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#2870
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High Supremacy Member
Join Date: Aug 2011
Posts: 38,158
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Guys they are closing their institution equities biz, nothing is mentioned about their custodian biz. No need to jump the gun first
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08-01-2015, 12:51 PM
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#2871
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Master Member
Join Date: Sep 2005
Posts: 4,563
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lalalalalala wrote:
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.
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08-01-2015, 12:52 PM
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#2872
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High Supremacy Member
Join Date: Aug 2011
Posts: 38,158
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Sinkie wrote:
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.
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08-01-2015, 12:52 PM
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#2873
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Senior Member
Join Date: Jan 2009
Posts: 679
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Really is **** happens maybe i take 1/2 day settle it now...
Yah does cmib charge for inactivity?
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08-01-2015, 12:52 PM
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#2874
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Greater Supremacy Member
Join Date: Jan 2009
Posts: 85,715
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highsulphur wrote:
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...
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08-01-2015, 12:54 PM
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#2875
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Banned
Join Date: Aug 2008
Posts: 5,052
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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%)
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08-01-2015, 12:56 PM
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#2876
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Arch-Supremacy Member
Join Date: Jul 2001
Posts: 16,680
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felixleong wrote:
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. 
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08-01-2015, 12:56 PM
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#2877
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High Supremacy Member
Join Date: Dec 2005
Posts: 33,227
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felixleong wrote:
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)
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08-01-2015, 12:57 PM
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#2878
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Greater Supremacy Member
Join Date: Jan 2009
Posts: 85,715
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felixleong wrote:
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.
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08-01-2015, 12:59 PM
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#2879
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Banned
Join Date: Aug 2008
Posts: 5,052
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Sinkie wrote:
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)
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08-01-2015, 01:00 PM
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#2880
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Banned
Join Date: Aug 2008
Posts: 5,052
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Asphodeli wrote:
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
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