DBS to lay off 900 staff by end Nov
Posted: 07 November 2008 1355 hrs

SINGAPORE: DBS, Singapore's largest bank and one of Southeast Asia's largest bank, has announced that it will be laying off 900 staff by the end of this month.

DBS said the job cut will come mainly from Singapore and Hong Kong.

At a news conference to announce its third quarter results on Friday, DBS Group CEO Richard Stanley said this forms six per cent of its total workforce and is the largest job cut ever.

The job cut will be across all businesses and all levels.

Laid off staff will be paid the equivalent of one month's salary for every year of service as per market practice.

DBS said it has no plans to cut beyond this and also clarified that there are no plans for salary cuts.

Back in 2001, DBS laid off 200 staff in Singapore and implemented pay cuts. - CNA/vm