Cutting jobs in the economic downturn since last year
We have been aware of massive layoff news since last year's economic downturn.
Here are the list of Singapore companies which announced to cut jobs this year between January and March, accodring to the article on AsiaOne Business.
1) Standard Chartered
- Last year, it axed 15,000 jobs globally.
- The staff of Standard Chartered says, we are certainly not in a position to negotiate better salaries with other potential employers.
- Currently it employs about 7,000 staff in Singapore.
- HSBC has announced that they will be freezing salaries and freezing hiring in 2016 globally.
- The cost cutting measures will affect the bank's more than 3,000 employees in Singapore. - it has also announced that it will be establishing a larger presence in Singapore
3) Resort World Sentosa (RWS)
- More than 30 employees at Resorts World Sentosa (RWS) have been laid off.
- There are currently about 12,000 people working at Resorts World Sentosa.
- It has shut down their Rakuten Marketplace in Singapore, laying off 150 staff from the company.
- It merged its Singapore to Hong Kong reigional offices.
- It will be cutting 4,000 jobs from its land-based staff of 23,000 by 2017.
6) Yahoo Singapore
- Yahoo Singapore has been laying off some employees.
- Barclays has announced that it is slashing 1,000 jobs worldwide.
- More than 10 employees from Singapore team will be retrenched.
- Barclays Singapore now employs about 3,200 staffs.
8) Royal Bank of Scotland
- 80% of the jobs in its investment banking unit over the next four years.
- Royal Bank of Scotland trimmed its presence here in Singapore, laying off "hundreds" of people.
9) Credit Suisse
- Credit Suisse announced 4,000 jobs cut globally.
10) Deutsche Bank AG
- It is considering cutting as many as 8,000 jobs, which is about 25 per cent of its workforce.
- Currently it employs more than 2,100 staff in Singapore.
11) Goldman Sachs
- It will ne reducing the size of its investment-banking team in Singapore by about 30% compared with the start of last year.