DBS cuts 900 jobs, reports 38% fall in Q3 profit

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SINGAPORE: Singapore's DBS Group, Southeast Asia's biggest bank by assets, said on Friday it would be laying off 900 staff to trim costs amid the global credit crisis. The bank also reported a drop in third quarter net profit.

Chief executive Richard Stanley said most of the cuts, which would be carried out at the end of the month, will come from its offices in Singapore and Hong Kong and will account for 6 per cent of the workforce. He added that this was the largest lay offs ever.

The job cut will be across all businesses and all levels. The bank did not want to specify if the affected staff would come from DBS or POSBank.

Laid off staff will be paid the equivalent of one month's salary for every year of service as per market practice.
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Job Cut - December 31, 2008 at 3:47 PM

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