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

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Old 09-01-2015, 08:21 AM   #2986
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SOME Singapore employees of Standard Chartered Bank were reported to have been escorted out of the office yesterday amid sweeping job cuts across the bank's global network.

News agency Reuters reported that employees in the equity business were given their marching orders as they arrived to start work.

Bankers at StanChart's equity division in Hong Kong arrived to work yesterday to find themselves locked out of the office, the news agency added.

Banks often take this approach during layoffs to ensure that sensitive data is not lost.

The cuts are part of a major cost-saving exercise that the British-based bank announced late last year.

A StanChart spokesman in Singapore said yesterday that 2,000 jobs were cut across the world, with a further 2,000 reductions by the end of the year, mainly through attrition.

The headcount impact on Singapore has been minimal, he said.

The 4,000 job cuts, under what the bank refers to as the retail clients segment, were made to support the bank's new strategy to focus on affluent clients.

In addition to that, the bank also confirmed that it will exit the institutional cash equities, equity research and equities capital market business across the world with immediate effect, affecting another 200 jobs.

The bank's spokesman in Singapore said: "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 Britain and the United States."

The institutional cash equities, equity research and equities capital market units include functions such as trading for corporate bank clients and stock research.

There will be no impact on the bank's online trading platform and no direct impact on retail clients, the spokesman said.

The latest moves are part of organisational changes, and bank roles within the segment will be revamped, said the bank.

StanChart, which derives 90 per cent of its profits from emerging markets, said last October that it was targeting savings of US$400 million (S$536 million) this year.

Last November, it announced that it would cut up to 100 retail branches to help meet that target and improve profitability.

Group chief executive Peter Sands is under pressure to restore the bank's fortunes after a decade of unprecedented growth ended in 2013 amid a slowdown in emerging markets.

StanChart said it will continue to invest in Singapore, which it deems one of the 85 high- growth cities "based on market opportunity and growth".

The bank here covers the entire spectrum of clients from retail to corporate banking and is believed to employ about 7,000 people.

StanChart Singapore, which has its corporate office at the Marina Bay Financial Centre and backroom functions at Changi Business Park, is led by Mr Neeraj Swaroop, who took over last year from Mr Ray Ferguson.

Its biggest shareholders include Singapore investment company Temasek Holdings.

It was reported that the bank was the worst-performing holding in the past year.

Temasek holds 18 per cent of StanChart, but the stake has almost halved in value to £4.3 billion (S$8.7 billion), noted the Financial Times. Temasek invested in the bank in 2006 and 2007.

rachaelb@sph.com.sg

- See more at: http://www.straitstimes.com/premium/....o5s2Rq0q.dpuf
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Old 09-01-2015, 08:22 AM   #2987
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It is natural for people to be scared, since the terms "Standard Chartered", "Equities" and "Exit" are mentioned.

No matter what, it is better to wait for an official response from SCB. Like I said earlier, I would be expecting some sort of letter from them on this issue, if not at least a press release or statement. So please be calm.

That said, I used their platform to purchase additional shares yesterday.
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Old 09-01-2015, 08:23 AM   #2988
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Ya the online trading platform remains. Mentioned in today's ST also. Don't jump the gun.
yeah, scb online trading platform remains and has no impact, but will they set a minimun comm now and in the near future? maybe $50? that is the main concern of everyone here lah

i guess just by setting a minimun comm of $10 or $20, is enough for everyone to go panic mode and mass withdrawal again
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Last edited by Sinkie; 09-01-2015 at 08:26 AM..
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Old 09-01-2015, 08:38 AM   #2989
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From what was said so far, it seems their main concern is to cut down the work force to save cost, stuff like their online trading platform which requires less manpower will still be in operation. Or at least that's the impression so far.

I for one will reduce my 50+ holdings if they start charging min comm and other fees. Can't afford to pay and pay.
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Old 09-01-2015, 09:06 AM   #2990
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yeah, scb online trading platform remains and has no impact, but will they set a minimun comm now and in the near future? maybe $50? that is the main concern of everyone here lah

i guess just by setting a minimun comm of $10 or $20, is enough for everyone to go panic mode and mass withdrawal again
This kind of baseless speculation is not helpful, particularly coming from someone from a competing firm

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Old 09-01-2015, 09:12 AM   #2991
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From what was said so far, it seems their main concern is to cut down the work force to save cost, stuff like their online trading platform which requires less manpower will still be in operation. Or at least that's the impression so far.
Do you know that to buy/sell warrants or rights in SCB platform, cannot do it online but have to call customer service to do it?

So will they upgrade their platform to do everything online?
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Old 09-01-2015, 09:29 AM   #2992
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Best to wait for official statement from the equities side, to address current clients.
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Old 09-01-2015, 09:49 AM   #2993
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Ok so it seems the platform is staying

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Old 09-01-2015, 09:51 AM   #2994
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now SCB open doesn't mean its forever open

read the news that they still loss making, so management must really work hard to turn things around

somemore 100 shares per lot come in.. will have a lot of those $100 trades... which they make like what.. 20 cents per trade? print the statement send to your house already more than 20 cents la, how to cover their staff pay sia... especially back office people like customer service, IT, admin, nonimees, payment and receipt etc...

my sincere advise is best to have a few trading accounts
better safe than sorry

cheers
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Old 09-01-2015, 10:32 AM   #2995
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now SCB open doesn't mean its forever open

read the news that they still loss making, so management must really work hard to turn things around

somemore 100 shares per lot come in.. will have a lot of those $100 trades... which they make like what.. 20 cents per trade? print the statement send to your house already more than 20 cents la, how to cover their staff pay sia... especially back office people like customer service, IT, admin, nonimees, payment and receipt etc...

my sincere advise is best to have a few trading accounts
better safe than sorry

cheers
maybe is good, they will need to invest in a good system and platform now leh so to cut down manpower?

imagine automated system for right issue, corporate action, so no need to get customer service to call oen by one, statement printing automated, so that no need to engage part timer to follow the statement and paste stamp, then a better platform with all sophiscated order types like gtc and gtd, live auto streaming price feeds, then mobile app available for download now leh??
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Old 09-01-2015, 10:57 AM   #2996
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maybe is good, they will need to invest in a good system and platform now leh so to cut down manpower?

imagine automated system for right issue, corporate action, so no need to get customer service to call oen by one, statement printing automated, so that no need to engage part timer to follow the statement and paste stamp, then a better platform with all sophiscated order types like gtc and gtd, live auto streaming price feeds, then mobile app available for download now leh??
like that how is it called cost cutting? LOL.....cost cutting i understand is just shut down the whole section that is losing money...aka their stock broking etc

New system need R&D, or investment into new tech...more $$$$
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Old 09-01-2015, 11:02 AM   #2997
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10 sgd minimum comm for SCB I can accept
If no custody fees
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Old 09-01-2015, 11:15 AM   #2998
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10 sgd minimum comm for SCB I can accept
If no custody fees
Wah liew so expensive. $2.50 lah, blanjah lunch for the computer who help me buy the shares better.
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Old 09-01-2015, 11:15 AM   #2999
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to be safe, i have even transfer $ out of scb for now. You never know if the bank will run road, ask for bail out. Their business aint doing good.

for now i will just keep whatever shares i have with them.
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Old 09-01-2015, 11:18 AM   #3000
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maybe is good, they will need to invest in a good system and platform now leh so to cut down manpower?

imagine automated system for right issue, corporate action, so no need to get customer service to call oen by one, statement printing automated, so that no need to engage part timer to follow the statement and paste stamp, then a better platform with all sophiscated order types like gtc and gtd, live auto streaming price feeds, then mobile app available for download now leh??
ya, ideally is don't even hire people, everything just let the system and automation handle... however people will complain why no jobs for Singaporeans lol
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