Friday November 07, 2008

DBS cuts 900 jobs in first mass layoff since 2001, Q3 2008 profit falls 38%

This article belongs to the Singapore recession watch story arc.

channelnewsasia.com :

Singapore's DBS Group, Southeast Asia's biggest bank by assets, said on Friday [7 Nov 2008] it would be laying off 900 staff to trim costs amid the global credit crisis. CEO 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% of the workforce. The job cut will be across all businesses and all levels. DBS said it has no plans to cut beyond this. Back in 2001, DBS laid off 200 staff in Singapore and implemented pay cuts. Earlier, DBS said net profit in Q3 2008 fell 38% as market-related income took a hit from the global financial crisis and bigger provisions. Singapore's deputy labour chief said retrenchments would still remain relatively low this year at about 10,000 jobs.

- It wasn't too long ago that the media over here had been talking about layoffs in the financial sector "as early as December". Well, it looks like DBS has pulled the trigger a month early. A shot heard all around Singapore. So what if DBS says it has no further plans to cut. That can be a valid statement only *at this point* in time. Come 2009, when global economic conditions deteriorate even further, all bets are off. Good luck.

See also :

1. Singapore economy stuck in mud : inflation rising, M3 falling, GDP crashing - the stagflation formula
2. Singapore economy in recession, GDP contracts 6.3% in Q3 2008, MAS ends currency gain policy
3. Wave of job cuts across corporate America, mass layoffs well beyond Wall Street
4. New York may lose 165000 jobs on mass layoffs due to credit crisis
5. London banks to cut 62000 jobs in mass layoffs as credit crisis worsens

(2008-11-07 23:46:44 SGT) [Biz] Permalink

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