Singapore bank DBS Group Holdings Ltd. says it will cut about 900 jobs, or about 6 percent of its workforce, amid falling profits.
A DBS spokeswoman says the job cuts will primarily impact the bank’s Singapore and Hong Kong branches, but may affect other offices. The layoffs will be implemented by the end of this month to boost efficiency and productivity.
DBS, Southeast Asia’s largest bank, said earlier Friday that it set aside 70 million Singapore dollars ($47 million) to compensate losses of some customers who bought notes linked to U.S. brokerage Lehman Brothers through the bank.
The bank said profit fell 38 percent in the third quarter.
Singapore’s DBS says to cut 6 pct of workforce
Saeed Azhar & Kevin Lim
DBS Group, Southeast Asia’s biggest bank, will cut 900 staff from Singapore and Hong Kong or six percent of its workforce by the end of this month to reduce costs, its CEO Richard Stanley said on Friday.
DBS earlier on Friday posted a 38 percent drop in quarterly profit, below expectations, as losses from bad debts quadrupled and it warned the financial crisis has made business challenging.