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TOP STORIESDid banks cut back too much?8 July 2009COMMENTSMost of the firing decisions were made at a global level, with Asian line managers forced to cut headcount by X amount, even if it meant letting go of good talent. Read all comments »Are the savage retrenchments of the last 12 months now coming back to bite banks in Asia? Do firms have enough staff to cope with current deal volumes, let alone with a market turnaround? With even the likes of RBS and BoA-Merrill Lynch hiring again in Asia, you have to wonder whether banks hacked their headcount a little too drastically in Q4 2008 and Q1 this year. Did they rush into their downsizing? Did they put cost cutting ahead of proper planning? If you’re out of work, was your layoff really warranted from a business perspective? Did it actually help your former employer save money? Let us know your thoughts on the trigger-happy banks.
COMMENTSRover, HR & Recruitment, Wed 08 Jul 09Most of the firing decisions were made at a global level, with Asian line managers forced to cut headcount by X amount, even if it meant letting go of good talent. Add your comment »GG, HR & Recruitment, Wed 08 Jul 09Those that are left are generally busier than before, so, yes, ideally the banks do need to hire in most depts. Add your comment »trick, FX & Money Markets, Wed 08 Jul 09Depends on the dept - I don't see many structured product vacancies suddenly opening up - these people were let go for a reason. eg they caused the GFC Add your comment »2 Cents, HR & Recruitment, Thu 09 Jul 09I agree that some either hit the panic buttons or had their hand forced at a global level. But a lot of organisations also took it as an opportunity to let go of underperforming staff or upgrade by picking up talent from competitors. Add your comment »mmmmm, Hedge Funds, Thu 09 Jul 09Global decisions don't take into account market specificities and don't follow their long plan strategy. I was hired one year ago and they really push me to stay seven years in this position. 11 months later, they closed the business...what's the logic with that. They pais me a fortune to come in and leave. What's the benefit of that in terms of business, image and so on ????? Amateurish.... Add your comment »HR, HR & Recruitment, Mon 13 Jul 09Even if you over cut, it doesn't matter.....
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