Is DBS Vickers going to close shop?

[OngHuatHuat]

http://mysingaporenews.blogspot.com/2019/02/dbs-drops-bombshell-on-remisiers.html


Yesterday Business Times asked DBS if it was planning to close down its stockbroking arm. DBS replied that it would hold a townhall meeting with the remisiers on its restructuring plan.

Last night the DBSVickers remisiers were told that they could not continue with their stockbroking business and the bank would explore ways to redeploy them based on their qualifications and experience as well as age, subject to the bank's policy on hiring older employees, market practices and MOM regulations on retirement age. Their businesses and clients will be taken over by the bank.

Many remisiers were in shock and disbelief with this bombshell coming immediately after the Chinese New Year festivities. Many have spent 20 or more years with the DBSVickers. With many remisiers quite senior in age and having been in the stockbroking business most of their lives, it is unlikely that they could find suitable jobs with the bank with comparable income. The younger remisiers are very concerned as they have young children to feed and their livelihood is likely to be adversely affected, rice bowl broken.

The remisiers are now pondering over their next move over this financial crisis in their lives. With the difficulties in finding another job, the older remisiers can forget about this option and join the statistics as retirees and not add to the list of the unemployed. The situation for the younger remisiers is just as bleak unless the bank could find them alternative employment with equivalent income.

 

[Toni90]

Not DBS Vicker lah. Just those useless remisiers. If Kick them out can reduce fee then pls do.

 

[kehyi4]

https://www.finews.asia/finance/28302-dbs-merging-retail-broking-unit-into-bank

DBS Merging Retail Broking Unit Into Bank
Thursday, 21 February 2019 11:45

DBS Group will transfer its retail broking to the bank, leaving DBS Vickers to focus on institutional clients.

At a townhall meeting on Wednesday evening, the senior management of DBS met with its sales representatives from DBS Vickers and shared about its integration strategy, a move the bank has initiated six years ago. The largest bank in Southeast Asia will transfer its retail equity trading under DBS Vickers to the bank by the end of this year.

While the bank is transferring its retail equity trading into the bank by year end, it will be business as usual for retail customers, it said. «DBS Vickers will maintain its broking licence and will continue to focus on its institutional trading business,» said a DBS spokesman who was quoted in the «Business Times» on Thursday.

Transfer of Employees

DBS Vickers has more than 150 mobile brokers and fixed-desk remisiers. Employees of DBS Vickers will be offered new roles in the bank but self-employed trading representatives, or remisiers, may not have that option. The bank spokesman said the bank would try to offer them jobs.

In 2013, DBS became the first Singapore bank to offer banking and broking under one roof, so as to strengthen its wealth proposition.

 

[limster]

Not DBS Vicker lah. Just those useless remisiers. If Kick them out can reduce fee then pls do.

SCB has already shown for many years that you can operate a brokerage service without remisiers... now FSMOne has joined in...

 

[lifeafter41]

After reading the article, the writing is pretty much on the wall.

 

[tangent314]

The online trading platform is going to remain.
Nothing of value will be lost

 

[havetheveryfun]

well no value add by the remisiers..whats more their commissions still more than compared to if u DIY... gonna happen sooner or later..

 

[intime]

Hopefully, dbs will be able to also merge vickers platform with the current dbs ibanking platform.
Switching between ibanking and cash upfront acct is a cancer.

 

[lifeafter41]

well no value add by the remisiers..whats more their commissions still more than compared to if u DIY... gonna happen sooner or later..

End of day, all commission goes to the bank.

 

[JuniorLion]

Hopefully, dbs will be able to also merge vickers platform with the current dbs ibanking platform.
Switching between ibanking and cash upfront acct is a cancer.

You gotten cancer yet?

 

[Shiny Things]

Yeah, this sounds like they're just cutting the remisiers out of the flow (which makes sense, quite frankly). DBS stockbroking isn't going anywhere.

 

[Opps-gal]

Hopefully, dbs will be able to also merge vickers platform with the current dbs ibanking platform.
Switching between ibanking and cash upfront acct is a cancer.

Want cheaper or better? Take a pick.

 

[Opps-gal]

Yeah, this sounds like they're just cutting the remisiers out of the flow (which makes sense, quite frankly). DBS stockbroking isn't going anywhere.

Not much contact with the remisiers there. Using cash upfront by myself, without any help. The last time I wanted to find the "assigned remisier" was years back. Always not around. In the end I ask the hotline staff to ask.

 

[numbers]

i didnt even know they have brokers....thought all along is online brokerage no need broker to service.

Other broker they got tell you who is your broker to call incase but vickers never assign one

 

[Sinkie]

Hopefully, dbs will be able to also merge vickers platform with the current dbs ibanking platform.
Switching between ibanking and cash upfront acct is a cancer.

Nope, from what I heard, most likely will be using dbs ibanking platform now and no contra or margin also.

Every trades will be cash upfront

 

[Sinkie]

i didnt even know they have brokers....thought all along is online brokerage no need broker to service.

Other broker they got tell you who is your broker to call incase but vickers never assign one

Brokers or remisers are there to take on the risk of retailers for a cut or sharing of your commission with the bank