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

Most popular blog postings on lowem.log :

1. Singapore MRT rail network length to double by 2020
2. 2010 Nissan Leaf electric car specifications : 107hp, 24KWh lithium-ion batteries, 100-mile range
3. Live spot gold price quotes chart on COMEX
4. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
5. AVG Anti-Virus Free Edition 2011 direct download link
6. Real-time live gold and silver price quotes chart on COMEX
7. Singapore electric vehicles : Government agencies EMA and LTA to study EV introduction
8. Book review : Shut Down by William Flynn

Featured articles on lowem.log :

1. Book review : Shut Down by William Flynn
2. Singapore electric cars testing starts with 9 electric vehicles
3. Honda, GS Yuasa JV to make lithium-ion batteries for 2010/2011 Honda Civic Hybrid
4. 2010 Honda Civic Hybrid preliminary specifications released
5. 2010 Honda CR-Z hybrid, 2010 Honda Fit/Jazz hybrid models confirmed
6. 2010 Toyota Prius specifications released : 50 mpg, 1.8L, 134hp, Ni-MH, solar roof option
7. NYMEX crude oil recovers from $32.40 low after 2.2 mbpd OPEC production cut announced
8. Singapore : Nuclear power not ruled out