Fin sector jobs to be lost to mergers, tech & cost pressures

February 24, 2017

Feb 24: A permanent job with a nationalised bank. Until a few months ago, being employed with a public sector bank was a matter of pride and drew the choicest wedding proposals. Unfortunately, that position is losing its lustre as it may no longer be a job for life.

jobsAfter its associate banks are merged into the State Bank of India (SBI), about 200,000 jobs could be cut, said CH Venkatachalam, General Secretary, All India Bank Employees Association (AIBEA).

Human resource officials said that this is still a conservative number. With automation, the numbers could double. Voluntary retirement offers are expected to climb steeply not only in SBI associate banks but also in other public sector banks.

This is not a problem restricted to only SBI and associates. The number of senior executives being asked to take voluntary retirement in PSU banks has seen a 25 percent jump over the last two years.

“The competition between public sector and private sector banks has intensified in the last one to two years. PSU banks, which were shy of going digital, are getting into this game in a big way. Naturally, we would want more niche talent for such roles and they don"t come cheap,” said the general manager of a mid-size public sector bank.

Many skill sets of cash managers and those in branches have become redundant, making their positions vulnerable.

Aditya Narayan Mishra, CEO, CIEL HR Services, said that the opportunities for reskilling are also limited in banks. This means that a large portion of the clerical staff which were once the core strength of banks are no longer required.

“Rather than reskilling existing operations staff, banks are choosing to hire more younger job-ready talent,” he said. As per estimates, almost 500,000 clerical jobs will be replaced by automated processes.

Customers have also opted to keep branch visits to the bare minimum. Hence, branch banking, which had 60-65 percent of total bank staff, will soon have 15-20 percent fewer people in the next three years. Approximately, 100,000 jobs in branch banking will go missing in the next three to four years.

Banks setting up robots may not lead to jobs getting cut immediately, but over 12-24 months, recruiters said, cuts are bound to happen.

Mishra said that compared to earlier times, automation has led to private banks cutting down branch banking costs. This translates to job cuts across their branch networks.

As younger talent is becoming the need of the hour, many banks want older staff, who are often not tech-savvy, to leave. The younger staff also come cheaper, resulting in useful savings.

“Employees who have crossed 45 and are being asked to quit have fewer options since banks only want 23-25 year-olds,” said a senior HR head.

The situation is no better in other segments like insurance where regulatory whip on managing expenses has forced companies to trim down teams across roles. Positions in teams like investment and top management are now also being reviewed on a quarterly basis and those who are off targets are constantly put under watch.

The big foreign investment numbers are no longer coming in. Insurers have opted for cost-cutting through letting go of people and having smaller teams.

Company executives said that with even the debt market getting volatile, churn in investment teams in insurers and mutual funds has been high. This, they said, is expected to continue even this year.

Rather than having big investment teams, numbers are being gradually cut to 4-5 people to look into daily trading. Smaller insurers are the worst hit since the new norms on expenses of management mean that salary costs would have to be drastically reduced.

Further, with mergers of insurance companies also on the anvil, consequent job losses are certain, though they would come with a lag.

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Agencies
February 6,2020

Washington D.C., Feb 6: An international team of astronomers has found an unusual monster galaxy that existed about 12 billion years ago when the universe was only 1.8 billion years old.

The team of astronomers was led by scientists at the University of California, Riverside.

Dubbed XMM-2599, the galaxy formed stars at a high rate and then died. Why it suddenly stopped forming stars is unclear.

"Even before the universe was 2 billion years old, XMM-2599 had already formed a mass of more than 300 billion suns, making it an ultra massive galaxy," said Benjamin Forrest, a postdoctoral researcher in the UC Riverside Department of Physics and Astronomy and the study's lead author.

"More remarkably, we show that XMM-2599 formed most of its stars in a huge frenzy when the universe was less than 1 billion years old and then became inactive by the time the universe was only 1.8 billion years old," Forrest added.

The team used spectroscopic observations from the W. M. Keck Observatory's powerful Multi-Object Spectrograph for Infrared Exploration or MOSFIRE, to make detailed measurements of XMM-2599 and precisely quantify its distance.

The study results appear in the Astrophysical Journal.

"In this epoch, very few galaxies have stopped forming stars, and none are as massive as XMM-2599," said Gillian Wilson, a professor of physics and astronomy at UCR in whose lab Forrest works.

"The mere existence of ultramassive galaxies like XMM-2599 proves quite a challenge to numerical models. Even though such massive galaxies are incredibly rare at this epoch, the models do predict them."

"The predicted galaxies, however, are expected to be actively forming stars. What makes XMM-2599 so interesting, unusual, and surprising is that it is no longer forming stars, perhaps because it stopped getting fuel or its black hole began to turn on. Our results call for changes in how models turn off star formation in early galaxies," the professor stated.

The research team found XMM-2599 formed more than 1,000 solar masses a year in stars at its peak of activity -- an extremely high rate of star formation. In contrast, the Milky Way forms about one new star a year.

"XMM-2599 may be a descendant of a population of highly star-forming dusty galaxies in the very early universe that new infrared telescopes have recently discovered," said Danilo Marchesini, an associate professor of astronomy at Tufts University and a co-author on the study.

"We have caught XMM-2599 in its inactive phase," Wilson said, who led the W. M. Keck Observatory data acquisition
Co-author Michael Cooper, a professor of astronomy at UC Irvine, said this outcome is a strong possibility.

"Perhaps during the following 11.7 billion years of cosmic history, XMM-2599 will become the central member of one of the brightest and most massive clusters of galaxies in the local universe," he said.

"Alternatively, it could continue to exist in isolation. Or we could have a scenario that lies between these two outcomes," he stated.

The study was supported by grants from the National Science Foundation and NASA.

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Agencies
January 3,2020

Giving each and every app access to personal information stored on Android smartphones such as your contacts, call history, SMS and photos may put you in trouble as bad actors can easily use these access to spy on you, send spam messages and make calls anywhere at your expense or even sign you up for a premium "service", researchers from cybersecurity firm Kaspersky have warned.

But one can restrict access to such information as Android lets you configure app permissions. 

Giving an app any of these permissions generally means that from now on it can obtain information of this type and upload it to the Cloud without asking your explicit consent for whatever it intends to do with your data.

Therefore, security researchers recommend one should think twice before granting permissions to apps, especially if they are not needed for the app to work. 

For example, most games have no need to access your contacts or camera, messengers do not really need to know your location, and some trendy filter for the camera can probably survive without your call history, Kaspersky said. 

While decision to give permission is yours, the fewer access you hand out, the more intact your data will be.

Here's what you should know to protect your data.

SMS: An app with permission to send and receive SMS, MMS, and WAP (Wireless Application Protocol) push messages, as well as view messages in the smartphone memory will be able to read all of your SMS correspondence, including messages with one-time codes for online banking and confirming transactions.

Using this permission, the app can also send spam messages in your name (and at your expense) to all your friends. Or sign you up for a premium "service." You can see and conrol which apps have these rights by going to the settings of your phone.

Calendar: With permission to view, delete, modify, and add events in the calendar, prying eyes can find out what you have done and what you are doing today and in the future. Spyware loves this permission.

Camera: Permission to access the camera is necessary for the app to take photos and record video. But apps with this permission can take a photo or record a video at any moment and without warning. Attackers armed with embarrassing images and other dirt on you can make life a misery, according to Kaspersky.

Contacts: With permission to read, change, and add contacts in your address book, and access the list of accounts registered in the smartphone, an app can send your entire address book to its server. Even legitimate services have been found to abuse this permission, never mind scammers and spammers, for whom it is a windfall.

This permission also grants access to the list of app accounts on the device, including Google, Facebook, and many other services.

Phone: Giving access to your phone means permission to view and modify call history, obtain your phone number, cellular network data, and the status of outgoing calls, add voicemail, access IP telephony services, view numbers being called with the ability to end the call or redirect it to another number and call any number.

This permission basically lets the app do anything it likes with voice communication. It can find out who you called and when or prevent you from making calls (to a particular number or in general) by constantly terminating calls. 

It can eavesdrop on your conversations or, of course, make calls anywhere at your expense, including to pay-through-the-nose numbers, Kaspersky warned.

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Agencies
March 8,2020

Consumer watchdog Which? has claimed that more than one billion Android phones and tablets are vulnerable to hackers as they no longer supported by security updates.

According to the research report, the most at-risk phones are any that run Android 4 or older and those smartphones running Android 7.0 which can not be updated are also at risk.

Based on data from Google analysed by Which?, two in five android device users around the world are no longer receiving the important updates. Currently, those devices are unlikely to have issues, but the lack of security leaves them open to attack.

"It is very concerning that expensive Android devices have such a short shelf life before they lose security support, leaving millions of users at risk of serious consequences if they fall victim to hackers," Kate Bevan editor Which? said in a statement.

"Google and phone manufacturers need to be upfront about security updates with clear information about how long they will last and what customers should do when they run out. The government must also push ahead with planned legislation to ensure manufacturers are far more transparent about security updates for smart devices and their impact on consumers," Kate added.

Android phone released around 2012 or earlier, including popular models like the Samsung Galaxy S3 and Sony Xperia S, are particularly at risk to hackers.

Which? has made suggestions to Android users on what to consider if they have an older phone that may be at risk.

Any Android device which is more than two years old, check whether it can be updated to a newer version of the operating system. If it is on an earlier version than Android 7.0 Nougat, try to update via Settings> System>Advanced System update.

In case a user is not able tto update the phone, the device could be at risk of being hacked if it is running a version of Android 4 or lower.

A user also need to be careful about downloading apps outside the Google Play store and should also install a mobile anti-virus via an app.

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