[failure of najibgonomics and idrisgonomics] ... Super Moronic Management Of Economy
- RHB will trim its workforce by 1,812
- 1,812 employees represents 13.1% of its permanent workforce in Malaysia
- rapid changes to business environment made it necessary for group to embark on transformation journey to implement our business strategies in order to ensure that the group remains relevant, competitive and resilient,”
- Several banks have announced job cuts this year, including CIMB involving 3,599 employees,
- most recently, Hong Leong Financial Group’s conventional and Islamic banking arms.
Folks, please read this part carefully : rapid changes to business environment
This means no new customers are walking into the bank. No new loan applications, no new businesses or business expansion, nothing much is happening.
And all this is peaking AFTER the GST was implemented in April.
Bukan saya sudah cakap - everything here is racial. The biggest group that suffers from GST are the Malays, who are mostly all salary earners.
The GST has sent the prices up by 15% - 20%. Malay people's salaries have not gone up. So they consume 15% - 20% less.
Two days ago my son picked up a regular jar of Steffi's no sugar added peanut butter. The price is higher by about RM5.00 than before !! Certainly more than 20% hike in price than say a year ago.
Chinese and Indians also earn salaries but many are in business. In business you pass the costs to the consumer. (If any of the morons are wondering why it is because otherwise business will shut down. Business and the Jabatan Kebajikan Masyarakat are different things ok. The consumer ultimately pays the higher price.)
But when the Malays (the largest consumer base) cannot buy as much as before, then the Chinese businesses also suffer.
So the bottom line is no new loan applications at the banks. This is the rapid changes to business environment that RHB is referring to above. This is Super Moron's moronic management of the economy.
So RHB retrenches staff, CIMB retrenches, Hong Leong retrenches, everone retrenches staff.
Yo brader, apa pasal susah sangat nak faham ?
And you think the GLCs can take up the slack?