CIMB To Axe Staff, Close Orchard Branch As Part Of Restructuring
CIMB Singapore will lay off staff and close its Orchard Road branch as part of a restructuring exercise. It is not known how many employees will be affected.
In an internal memo, CIMB Singapore Managing Director Victor Lee said the move comes as the bank reconsiders its strategy to focus on sustainable business growth.
“This will make us more resilient, more productive and better positioned for future growth,” he noted in the note. He added that the bank would only focus on its main branch in Raffles Place.
According to The Straits Times, a spokesperson for the CIMB said the bank had carried out a detailed analysis of its business in Singapore and had stepped up efforts to improve the skills of its staff since last year.
He also added that the bank was working with internal and external support groups to help affected staff.
Last November, the Malaysian bank fired three of its heads of banking units, raising fears of an upcoming downsizing exercise.
In the first half of 2020, CIMB Singapore recorded losses of RM939 million (S $ 309 million).
Featured Image Credit: Bloomberg
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