Bloomberg article re ICAP vs ex-employees.
"While local brokers took a voluntary pay cut of as much as 20 percent in late 2008 on the basis there would be no firings, the senior ranks were being staffed with “high-cost friends and previous colleagues from overseas,”
Its the same everywhere. So much for contribution to Singapore economy from high cost imported foreign talent. If the guys quitting ICAP think that its any better elsewhere, think again. And most of the time, the locals can do as good a job as the FT. The government has made it all too easy for these guys to come here and have a free ride at the expense of the locals. Much like too big to fail banks and prop trading. No downside for the FT. They come here, everything paid for by their companies, behave like kings, act superior, little respect for the locals, . At the end of the day, they go back to their own countries and their 4 hour commute to and from work everyday. Pathetic.
11 comments:
well said
its happening in the bigger trading rooms as well .. overpaid FTs coming in at senior levels with little or no meaningful customer base but cannibalising the customers of the local guys ... and the locals have to report to these FTs !
con job ...
Yes. And high cost FT hire other high cost FTs and deprive locals of opportunities. As you say, bloody con job.
wait till u see the fat angmor snoring loudly in my office during office hour...and earning double my salary..doing the same shit....and earmark to be a potential leader....pui pui pui
sorry it could be triple, im being naive
firstly we shudnt call them FT. They are just foreign and talent, not so sure. The trouble is tat the bosses are chow angmos so they hire their country men and sometimes as incentive posting w/o careful consideration of the job fit. In the end, sometimes have to blame the locals for giving biz and support to these angmo brokers especially...Boycott them. Do u think a chinese broker will get support fm angmo dealers in say NY or Ldn??
OHC .. this is especially true in GIC and Temasek. Local staff fawning over foreign sales/investment bankers yet giving the locals from the same investment banks a hard time. As if FT = better.
Heh, these Inter-Dealer Brokers or old-school voice brokers of OTC instruments (from ICAP, Cantor, Tradition...) are certainly a "class" unto themselves.
Following is a lame joke I heard, it was funny only because it came from an IDB broker himself:
If banking industry executives are considered the scum of the earth,
then IDB brokers is the dried leftover dregs of the green scum of the banking industry.
Apologies to any IDB broker reading this, just joking!
:)
[TS, as an interbank trader, you were probably the client of many IDB brokers before, and would know them very well.
]
Some of my best friends are brokers ...
TS,
I hear you...again, that was a lame joke previously.
I have very close friends who are OTC brokers too, but more in the crude and distillates complex, who moved on to the smaller broking houses.
In my early working years, I ran around with a group which was constantly being entertained lavishly by the big-firm OTC brokers.
It seemed that the real office hours really started after market hours, in the many watering holes in town, and until the early morn hours, night after night after night...
Impressive. Kudos to them!
http://www.bloomberg.com/news/2010-10-12/icap-stifling-rivals-by-blocking-singapore-broker-moves-tradition-says.html
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