Not a investment related question, but I'm curious with regards to the prospects of working in the banking industry given how so many banks are cutting jobs recently. ? - Seedly
 

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Asked by Yeo Enk Loui

Asked on 09 Apr 2019

Not a investment related question, but I'm curious with regards to the prospects of working in the banking industry given how so many banks are cutting jobs recently. ?

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Isaac Chan
Isaac Chan, Business at NUS
Level 8. Wizard
Answered on 09 Apr 2019

Doesn't look too good. Not sure if you read about the recent job cuts for Nomura. https://www.straitstimes.com/business/banking/nomura-axes-8-of-9-equity-research-jobs-in-singapore-in-us1b-cost-cutting-plan

I think people entering the industry need to really be a cut above the rest and have to find someway to differentiate themselves.

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Junus Eu
Junus Eu
Top Contributor

Top Contributor (Jan)

Level 9. God of Wisdom
Answered on 13 Oct 2019

I've always wondered that as well - as to why university students are so interested in investment banking/PE related jobs. It could be a badge of honour, and being able to say one can work like s*** til ungodly hours.

When I was in JC, I asked a senior who was in IB, and after 2 years in the job, she said it was the worst decision.

Keep in mind, pre-2008, jobs in IB/PE was seen as very lucrative and prestigious. I do think that times have changed though.

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Junus Eu
Junus Eu

13 Oct 2019

Especially so with this news: https://www.businesstimes.com.sg/brunch/no-more-laughing-their-way-to-the-bank?fbclid=IwAR1JVbt3NOlfKsgO2QEbQbzDsFcLoATH0A3Zvb_3Wg23zMwQXzLhoSozzQM
Pascal Samsoon
Pascal Samsoon

27 Oct 2019

From my experience, those who graduated from IB/PE are highly sought after in the job market. Whether most people were aware of it in the first place to influence their decision to enter the industry, I doubt so. The smell of high pay was probably among the main decision factor.
Alvin Teo
Alvin Teo
Level 6. Master
Answered on 28 Oct 2019

While it seems no good, our index relies a lot on the banking industry.

And our consumerism requires a lot of banking as well.

If bank sales maybe not so much.

If bank teller you have a short and limited runway as its been many eons since I’ve visited one.

Then again, DBS CEO’s pay is cray cray so prospect wise it’s good if you are in the game.

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Hi

It depends on the type of opportunities you are seeking in the banking industry. The latter is really broad otherwise.

I might have a contrarian view - If you are able to join a bank now in a relatively mobile role, you should be able to make it once the tide reverses.

Hope this helps

Cheers,

Pascal

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