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Job Loss Watch
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redbean



Joined: 07 Mar 2006
Posts: 14121
Location: singapore

PostPosted: Wed Jul 10, 2019 8:27 am    Post subject: Reply with quote

Deutsche Bank is a responsible employer...
As far as taking care of its retrenched employees is concerned, Duetsche Bank is doing what any other banks would do when retrenching their staff. They made sure that the staff would be duly compensated for their services with the bank. In this case, most of the equity department staff are employees and are covered by the Employment Act and would appropriately receive a retrenchment package before leaving the bank for good.

This is what was posted in theindependent.sg on this retrenchment exercise,

'The Deutsche bank spokeswoman assured the press that the bank would be directly in touch with employees. She added: “We understand these changes affect people’s lives profoundly and we will do whatever we can to be as responsible and sensitive as possible implementing these changes.”

Deutsche Bank’s Chief Executive Officer Christian Sewing called the retrenchment exercise part of a “restart.” In a letter to employees, he wrote: “We are creating a bank that will be more profitable, leaner, more innovative and more resilient.”'

Supposing that the equity staff of Deutsche Bank were agents of the bank like remisiers, would Deutsche Bank treat them just as fairly and compassionately as the bank treats its employees? Employees or agents of banks, in a retrenchment exercise when a bank closes down a department and people's lives are profoundly affected, any decent bank, the management of any decent bank, would likely treat them with grave responsibility and sensitivity. Any bank or management would be expected to treat their employees or agents whose livelihood are gravely and negatively impacted by their restructuring or retrenchment exercise to make the bank profitable with great sensitivity and compassion. Doing otherwise would reflect badly on the conscience and reputation of the management of the bank.

Would there be banks that would treat their retrenched staff or agents badly, inhumanly, insensitively in such a dreadful time when livelihoods are at stake? What kind of people would act so harshly and dismissively to their staff, agents or partners in business? What kind of respect would one have on such people if they could treat their staff, agents and partners poorly, miserly while they continue to receive their fat and comfortable pay while the retrenched leave the bank without the assurance of a job and with very little compensation?

I think and believe Deutsche Bank would do as spoken by its spokewoman. For if they were only giving lip service and do otherwise, the retrenched staff are not going to leave with a bad feeling for the bank but may even seek redress with the authority. Some may see their MPs or Ministers or even go to see the PM to pour out their grouses. The publicity would be very bad for the bank thereafter even if there is a compromise solution subsequently. Any bank in such a situation should think carefully not to ill treat their employees, agents or partners and think they can get away with it by under compensating the affected staff, agents or partners.

Would there be any irresponsible bank in Singapore that would treat their staff, agents and partners unfairly in the event of a retrenchment or restructuring exercise?
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what i posted is just my personal view. feel free to disagree.
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