It was only last week when everyone who worked in DBS bank got the jitters with the decision to cut 900 jobs in Singapore and Hong Kong, today's news had Citibank's decision to slash 50,000 jobs worldwide, as a move to tighten it's belt. Citibank is one of the largest banking in US and cutting jobs will mean more jobs will be lost in Singapore alone, after the recent DBS axing..
Following all these, in Singapore news recently, there was something about news that people were defaulting on their loans and mortgages. And if they lose their jobs and cannot pay up for their loans like car loans and homes, what is going to happen? Will that drive many people to seek other ways to get money then? And since Banks will also tighten the loans given out, some people might resort to loan sharks? In fact there is already an increase of business in Pawn Shops!
I've seen two neighbours who moved out too and said money was tight. Gosh, is the worst over yet?
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