On a Monday morning when you are coming to office, you are told that your company has been sold out to someone else or your company has filed bankruptcy...... what will be your reaction? I will be devastated on the news.... I believe this was the feeling that went through the minds of 2000-2500 employees in India working for Lehman Brothers. In the case of Meryll Linch the situation is not so bad with Bank of America taking over Meryll on Monday. Yet on both these situations, the employees future is uncertain and how cruel of the management to leave in mid-air.
At the outset I believe that India and Indians working for Big Multinationals must learn to expect such things in the future. In a globalised economy nothing is certain... a change in US will lead a change in India too... a change in Japan will affect India... although everything is not direct. The economies are so interlinked with the advent of globalization no country is single...
Such kind of shocks are new to us.... but when you need prosperity you will stumble on things with bad taste.... got to swallow it.
I hope the international banking community wakes up and take stock of their own backyard... clean up their own dealings on financial derivatives, real estate and mortgage loans. I believe the Indian banks are more conservative on derivaties and all kinds of loans. They are not lured by the incentives but look at the pitfalls too before committing themselves or on behalf of their customer.
2 comments:
But this is expected. When banks make heavy losses, then what will they do? They have to close it. No other go… don’t be surprised..one more candidate to go would be UBS…
I am not surprised at the closure of banks...but I was reflecting on the minds of people who are on the verge of losing jobs or uncertain future....
I thought Morgan Stanley was the next... IMF Director says the worst is yet to come...
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