AFP, 7 Nov 2008
SINGAPORE (AFP) — Singapore's DBS Group, Southeast Asia's biggest bank by assets, said Friday it was cutting 900 staff to trim costs amid the global credit crisis, and reported a slump in third quarter net profit.
Chief executive Richard Stanley said most of the cuts, accounting for six percent of the group's workforce, will be made by month's end in its Singapore and Hong Kong offices. The job reductions were announced at a town hall-style meeting with staff on Friday.
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