Banking Law News

Singapore Banks Pledge to Avoid Staff Cuts Despite Virus (1)

April 9, 2020, 1:55 AM

Singapore’s three largest banks have joined some global peers in pledging to avoid staff cuts due to the coronavirus pandemic.

“We do not plan to have retrenchment exercise arising from this outbreak,” Oversea-Chinese Banking Corp. Chief Executive Officer Samuel Tsien said in a recent memo to employees. His counterparts at DBS Group Holdings Ltd. and United Overseas Bank Ltd., Piyush Gupta and Wee Ee Cheong, issued similar statements on Wednesday saying they don’t envisage the need for cutbacks.

The three lenders employ more than 85,000 people in total across Asia and beyond.

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