Financial Planning Central

No more witch-hunting again?

Written By: Tiang Chuan on October 30, 2008 No Comment

Just watched the 10pm news on Channel 8 reporting on the dialogue between a local bank and their Lehman-linked Structured Note investors. There wasn’t much info as reporters were not allowed into the dialogue session.

The reporter mentioned that there were occasional burst of shouting followed by loud applause. Some investors who don’t understand English left earlier. 1 lady mentioned that the bank was pushing the blame to the Relationship Managers (RM). The bank also stated that they have suspended and disciplined the RMs involved and have submitted their names to MAS.

Have the bank learned the way of no ‘witch-hunting’ of senior management as excellently demostrated earlier this year?

To the RMs out there, consider your options. There’s certainly no ‘for better or worse..’. When the going gets tough, the RMs are forced to go…

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