LAST month, DBS Bank unveiled plans to transfer its retail equity trading under its brokerage arm, DBS Vickers, to the bank by year end, triggering a public outpour of support for its remisiers, including that from remisiers of rival houses.
This is not the first time DBS finds itself embroiled in a head on collision with its remisiers. In the early 2000s, the bank got into a public relations mess over the exodus of remisiers who were upset with the way their clients were migrated to a new online business and a commission-sharing scheme. DBS had earlier joined forces with Canada's discount brokerage, TD Waterhouse Group Inc, to create what they described as"a regional online investment services powerhouse".
Legally, the remisiers' clients belong to DBS. But ethically, one can argue the bank could have done more for its remisiers - many of whom are veterans"who have stuck with it through thick and thin, from the days of the Pan-El crisis, the Malaysian Central Limit Order Book saga, the Internet bubble crash, the 2008 global financial crisis and the current moribund stock market", as remisier Loh Kin Poh put it.
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