Singapore’s largest bank to cut 900 jobs

November 8th, 2008 - 11:41 am ICT by IANS  

Singapore, Nov 8 (DPA) DBS Group, Singapore’s largest bank, has announced that will cut 900 jobs after it suffered a sharp drop in third quarter profit.About half of the retrenchments, which amount to six percent of the company’s total staff, will affect its Singapore operations, a report by the Straits Times newspaper said Saturday. The cuts are to be carried out before Christmas.

DBS employs 7,600 staff in Singapore and 4,200 in Hong Kong, which will also be affected by the cuts.

The DBS announcement came after workers in Singapore were laid off by other banks and investment houses like Merrill Lynch, Standard Chartered and UBS.

DBS reported a 38 percent drop in net profit to Singapore $379 million ($254 million) for the quarter that ended Sep 30.

DBS chief executive officer Richard Stanley said the operating environment is increasingly challenging for financial institutions all over the world.

In the first nine months of the year, net profit fell 13 percent year-on-year to $1.67 billion, DBS said in a statement.

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