[kebinu]

felixleong wrote:

I remember got once someone hao lian to me he got 100++ stocks on SCB, all 1 lot purchase... Like building his own etf... Cant imagine how he is gonna unwind the position

assuming 150 shares all below $1k, then spend $300 to sell all lor

[felixleong]

Carnesir wrote:

That's why I'm selling all today mah. Buy back next time

I see, anyway u now bearish on the market?

[boopit]

now i am also not sure how to enter, exit easy, enter hard

[Carnesir]

felixleong wrote:

I see, anyway u now bearish on the market?

1. Nett gain position
2. Unstable platform
3. Heavy on reits, pending interest rate hike. It's abt time.

But the most impt thing is what happen today just gave me the final push

[Sinkie]

boopit wrote:

now i am also not sure how to enter, exit easy, enter hard

Wait for official confirmation first lah..

[felixleong]

Carnesir wrote:

1. Nett gain position
2. Unstable platform
3. Heavy on reits, pending interest rate hike. It's abt time.

But the most impt thing is what happen today just gave me the final push

i see, well said

[boopit]

Sinkie wrote:

Wait for official confirmation first lah..

waiting lor
is okay la was waiting to cash out after Q4 results, then scb chu this stunt

[Sinkie]

SINGAPORE - Singapore is affected by the latest round of job cuts from Standard Chartered, a bank spokesman told The Straits Times on Thursday, declining to say how many staff have been axed.

Media reports on Thursday said the London-based bank is closing its global equities business, resulting in the loss of over 200 jobs in Asia. Then came a Reuters report, quoting an internal bank memo, that said Standard Chartered will also axe around 4,000 retail banking jobs worldwide, 2,000 of which have already been announced.

Reuters later reported that some Standard Chartered staff in Singapore its equity business were escorted from their workplaces when they arrived there this morning, while some in Hong Kong arrived on Thursday to find they were locked out of the office.

"We came in this morning and were told the equity business was being shut down," a woman who identified herself as an ex-employee at the bank's offices in Singapore's business district told Reuters. She said she had worked in research and had been with the bank for three years.

The cost cuts in the retail banking segment will deliver cost savings of around US$200 million (S$268 million) in 2015, half of the total savings identified by chief executive Peter Sands as essential to turn the bank around, Reuters reported.

The exit from the equities business will generate US$100 million of savings next year, the memo also said.

On this move, the Standard Chartered spokesman told the Straits Times: "The decision has been taken to exit globally the institutional cash equities, equity research and equities capital market (ECM) business with immediate effect."

Standard Chartered has all these three businesses in Singapore.

The bank did not disclose the number of jobs cut in Singapore, saying: "We won't be giving a breakdown. This will impact around 200 jobs mainly in Hong Kong, Indonesia, Korea, India and Singapore. There is a minimal presence in the Britain and United States."

On whether Singapore will be affected by the retail banking job cuts, no information has come yet from the bank.

On the closure of its global equities business, the spokesman said the decision does not impact its core strategic aim of supporting the international trade, wealth and fixed income, currencies and commodities (FICC) needs of its corporate and affluent retail client base.

"We will retain and continue to develop our equity derivatives and convertible bond businesses and continue to build our macro and FICC research capabilities. We will continue to provide strategic advice to its clients in respect of equity financing," the spokesman said.
- See more at: Standard Chartered job cuts: Singapore affected - Banking News & Top Stories - The Straits Times

[Bedokian]

I sense a letter from SCB will be coming soon.

[chopra]

why close in singapore sia. i tot our economy is doing welly well

[Geeezz]

Wonder why they chose to cut dwn on the equity business. Is it cuz they made they largest losses or some other reason?

[lalalalalala]

So is confirmed closing in Singapore right? Is it advisable to wait for their letter or transfer my shares tomorrow morning?

[simon_84]

so sinkie will have more customers cross over ?

[daylight]

Asphodeli wrote:

I think it would be wise to open ASAP, in case you need to transfer SGX stocks to CDP. Otherwise can try CIMB as mentioned

must i open banking account with cimb b4 can buy/sell shares ?
or just open trading account?

[lalalalalala]

daylight wrote:

must i open banking account with cimb b4 can buy/sell shares ?
or just open trading account?

Must open starsaver if u wanna do CUT, if not EPS just need securities account and posb/ocbc bank acc to do the e payment.

Side note: one of the Bros here engaged a chio bu to help me open my star saver acc.