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Securities companies ‘changing blood’ to find the way to survive
Finding new business strategies to overcome big difficulties proves to be the thing securities companies want to do now when they are suffering heavy losses. That explains why a lot of big changes in high ranking human resources in securities companies have been made in the last year and a half.
Pacific Securities Company (PSC) announced the dismissal of Nguyen Ngoc Bich as the Deputy General Director of the company as per request of Bich himself, and the post has not found a replacement so far. Mekong Securities Company has changed the members of its board of directors. Vietnam International Securities Company has appointed Pham Linh as the General Director, replacing Dang Doan Kien.
Meawnwhile, MNSC has appointed Nguyen Huu Ly to the post of General Director, replacing Truong Quang Anh who has shifted to other works. Thanh Cong has announced the appointment accredited Kittivalai Charoensombut – Amorn of Thai nationality, to the post of the company’s General Director, replacing Dang Quang Ty. Global Securities has appointed Thai Thi Thanh Thuy to hold the post of General Director who has replaced Nguyen Tuan Minh.
Not only have newly established securities companies been changing, but so has the long lasting companies, including the Saigon Securities Incorporated, who have also witnessed big changes in the high ranking workforce.
All of the big changes have happened recently, when companies did not offer attractive conditions to lure talents to work for them any more.
Analysts have pointed out that previously, the changes of the ‘VIP’ posts at securities companies related to the procedures of seeking operation license and the legalization of the executing posts in the companies. Meanwhile, the changes of the posts nowadays can be explained by the need to find out new ways of development of securities companies which can help them survive the current difficulties.
IRS is one of the securities companies which have ‘changed blood’ in the last time with the number of leadership members dropping from twelve to three. The board of management of the company previously included the big names who once worked for big financial institutions, but they could not help the company develop well in the difficult period.
Nguyen Trong Tuan, Deputy Chairman of the Board of Directors of IRS, one of the founding shareholders of the company and also the Director of Hanoi Branch of Sacombank, has taken over the post of General Director of IRS.
“The first thing to do in the post of General Director was, together with the board of directors, to change the business strategy of the company. At first, IRS planned to target foreign institutions and individuals. However, we have later decided to target real investors right in Vietnam, while we will still focus on brokerage and financial consultancy services,” Tuan said.
In the past, the pay fund of the company once reached over VND 1 billion a month, while managers got 70% of the total and between 40-50 employees got the other 30%.
Tuan said that IRS has checked the capability of the employees, and decided to increase the pay for qualified employees, though the company is still facing a lot of difficulties.
IRS said that the changes in the company’s management apparatus have brought effects. In the first six months of 2008, IRS just made up 0.3% of the market share, while the proportion has risen to 2% recently. In the third quarter of 2008, IRS received the profit of VND 4.3 billion and still made profit in Q4, despite a lot of difficulties.
The Chairman of a bank said that he has spent a lot of the last time to the belonging securities company, adding that the biggest difficulty in the job was the restructuring the staff.
Working as the leaders of securities companies at this moment proves to be a big challenge for many people. One man, who was once the director of a securities company, said that he always had to think about what to do to get jobs for employees and turnover for the company. He said that sometimes his family’s life was affected when the things at the company did not go smoothly.
In the ‘staff filtration’ of securities companies, people can see the appearance of many foreigners who have been appointed as the new managers of Vietnamese companies.
VietNamNet/DTCK
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