5 g I ' % f I * l * to % ^ s i H P ^ ^ w d B w a a s i OT s a ' j j a s : A L L i R L A K E A X I S S J L V E R L A K E A X I S - 4 c e n t s | F u ' ! y v a l u e d D B S V i e k e r s d o w n g r a d e s t h e b a n k i n g s o f t w a r e d e v e l o p e r fr o m " H o l d " , c u t s t a r g e t p r i c e t o 1 3 c e n t s f r o m 3 0 c e n t s . S a y s f i s c a l Q l ' 0 9 r e s u l t s s i g n i f i c a n t l y b e l o w e x p e c t a t i o n s a s b a n k s p o s t p o n e d I T p r o j e c t s d u e t o u n c e r t a i n o u t l o o k . C u t s F Y 0 9 , F Y 1 0 e a r n i n g s e s t i m a t e s b y 5 0 a n d 4 0 p e r c e n t t o f a c t o r i n l o w e r s a l e s a s s u m p t i o n s , s e e s f u r t h e r d o w n s i d e r i s k i f H 2 ' 0 9 f a i l s t o s e e r e c o v e r y . N e w t a r g e t p r i c e a s s u m e s m u l t i p l e o f 2 t i m e s F Y 0 9 b o o k v a l u e . D M G c l c c i t i n g d r o o m e r s u p p l i e w a t e r d m a t e r i a d i f f i c u l t 6 2 c e n t e r i n g F b y 2 9 p n o t p a y y e a r s i n B y c s r M e r r i l l c o m n i o " B u y " , c s h a r e p d o w n t r a d e e 2 0 0 9 , E . f a H b y : ' p r i c e t o i t s a y s r s h e e t , i t i g h t e r e F R O M S f A N D A G E D i s c l a i m s m a k i n g a T o o a v c a c e n s s q u e t h i s m fc r ; W E D N E S D A Y N O V E M B E R 1 9 , 2 0 0 8 B l T O D A Y C i t i b a n k s t a f f h e r e w a i t f o r a x e K E L V I N C H O W k c h ' i n c i < i > n i c rf i n c o i p . L O > n . i g I T W I L L b e a n e r v e - r a c k i n g t i m e f o r t h e 9 , 0 0 0 e m p l o y e e s o f C i t i g r o u p i n S i n g a p o r e a s t h e y w a i t t o f i n d w h o w i l l b e a x e d . T h e y w o k e y e s t e r d a y t o n e w s t h a t t h e U n i t e d S t a t e s b a n k w a s p l a n n i n g t o c u t 5 0 , 0 0 0 j o b s o r m o v e , p r o m p t e d b y t h e U S $ 2 0 . 3 b i l l i o n ( $ 3 1 b i l l i o n ) i n l o s s e s t h e b a n k h a s r a c k e d u p i n t h e p a s t y e a r . O n e m i d d l e - o f f i c e e m p l o y e e , w h o a s k e d n o t t o b e n a m e d , c o u l d b e s p e a k i n g f o r a l l h i s c o l l e a g u e s w h e n h e s a i d h e i s f e a r f u l ; t h e n u m b e r o f j o b s b e i n g c u t i s s o h u g e a n d h i s j o b m i g h t e n d u p b e i n g o n e o f t h e m . W h e n a s k e d w h a t a r e h i s p l a n s i f h e d o e s g e t s a x e d , h e r e p l i e d : " I w i l l m o s t l i k e l y t r y t o t a k e a b r e a k f r o m w o r k a n d g o b a c k t o s c h o o l t o d o m y m a s t e r s . I j u s t h a v e t o r e l y o n m y s a v i n g s f i r s t . " A b a c k r o o m o p e r a t i o n s s t a f f m e m b e r , w h o a l s o c h o s e n o t t o b e n a m e d , s a i d : " T h e r e i s a s e n s e o f u n c e r t a i n t y g o i n g a r o u n d i n t h e o f f i c e , b u t e v e r y o n e i s j u s t d o i n g t h e i r d a i l y r o u t i n e . " S h e s a i d t h e r e a r e s o m e d i s c u s s i o n s w i t h h e r c l o s e r c o l l e a g u e s i n t h e o f f i c e @ m a i n l y a b o u t c o n t i n g e n t p l a n s i f t h e y d o g e t r e t r e n c h e d . M r A d a m R a h m a n , c o u n t r y c o r p o r a t e a f f a i t s d i r e c t o r . C i t i S i n g a p o r e , s a i d : " I n l i n e w i t h C i t i ' s g l o b a l e f f o r t s t o i n c r e a s e e f fi c i e n c y a n d p r o d u c t i v i t y i n t h e c u r r e n t d i f f i c u l t m a r k e t c o n d i t i o n s , s o m e j o b s w i l l c h a n g e a n d o t h e r s w i l l n o l o n g e r b e n e c e s s a r y . I n S i n g a p o r e , t h e r e w i l l b e m o d e s t h e a d c o u n t r e d u c t i o n s . " H e s a i d t h e g r o u p ' s b u s i n e s s i n S i n g a p o r e c o n t i n u e s t o b e r o b u s t a n d h e e x p e c t s t h e h e a d c o u n t t o " r e m a i n r e l a t i v e l y s t a b l e o v e r a l l " . T h e j o b c u t a t C i t i g r o u p , t h e w o r l d ' s l a r g e s t b a n k i n g g r o u p , c o m e s o n t o p o f t h e 2 3 , 0 0 0 p o s t s a l r e a d y e l i m i n a t e d b e t w e e n J a n u a r y a n d S e p t e m b e r . T h i s t i m e r o u n d , t h e c u t s w i l l b e c o m i n g f r o m a t t r i t i o n , @ @ C O N T I N U E D O N P A G E S i
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siHP̂ ^wdBwaasiOTsa'jjas:
ALLiRLAKE AXISSJLVERLAKEAXIS
-4 cents | Fu'!y valuedDBS Viekers downgrades thebanking software developerfrom "Hold", cuts target priceto 13 cents from 30 cents. SaysfiscalQl '09 results significantly below expectations as bankspostponed IT projects due touncertain outlook. Cuts FY09,FY10 earnings estimates by50 and 40 per cent to factor inlower sales assumptions, seesfurther downside risk if H2'09 fails to see recovery. Newtarget price assumes multipleof 2 times FY09 book value.
DMG clcciting droomersuppliewater dmateriadifficult62 centering Fby 29 pnot payyears in
By csrMerrillcomnio"Buy", cshare pdowntrade e2009, E.faH by :
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FROM SfAND AGEDisclaimsmaking aTooavcacenssquethis mfcr;
WEDNESDAY NOVEMBER 19, 2008 Bl TODAY
Citibankstaff herewait for axe
KELVIN CHOWkch'inci<i>nicrfincoip.LO>n.ig
IT WILL be a nerve-rackingtime for the 9,000 employeesof Citigroup in Singapore asthey wait to find who will beaxed.
They woke yesterday tonews that the United Statesbankwas planning to cut50,000jobs or move, prompted by theUS$20.3 billion ($31 billion) inlosses the bank has racked upin the past year.
One middle-office employee, who asked not to benamed, could be speaking forall his colleagues when he saidhe is fearful; the number ofjobs being cut is so huge andhis job might end up beingone of them.
When asked what are hisplans if he does gets axed, hereplied: "I will most likely tryto take a break from work andgo back to school to do mymasters. I just have to rely onmy savings first."
A backroom operationsstaff member, who also chosenot to be named, said: "Thereis a sense of uncertainty goingaround in the office, buteveryone is just doing theirdaily routine."
She said there are somediscussions with her closercolleagues in the office @mainly about contingent plansif they do get retrenched.
Mr Adam Rahman, country corporate affaits director.Citi Singapore, said: "In linewith Citi's global efforts to increase efficiency and productivity in the current difficultmarket conditions, some jobswill change and others will nolonger be necessary. In Singapore, there will be modestheadcount reductions."
He said the group's business in Singapore continues tobe robust and he expects theheadcount to "remain relatively stable overall".
The job cut at Citigroup,the world's largest bankinggroup, comes on top of the23,000 posts already eliminated between January andSeptember.
This time round, the cutswill be coming from attrition,@@ CONTINUED ON PAGE Si
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