The Singapore unit of Malaysian lender CIMB is reportedly planning to trim its workforce as part of a restructuring process.
The move was first reported by the local publication The Business Times.
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In an internal memo, CIMB Singapore CEO Victor Lee said that the bank is revising its strategy to focus on sustainable growth.
The exercise will involve laying off staff as well as shutting down its Orchard Road branch.
The decision was apparently taken following a complete review of its business.
“This would entail optimising our functional setup, leveraging our group’s strengths through regionalisation, and closing our branch in Orchard to fully focus on our main branch in Raffles Place.
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By GlobalData“These will make us more resilient, more productive and better positioned for growth going forward,” Business Times quoted Lee as saying in the memo.
However, it is not immediately not clear how many employees will be affected by the decision. The publication further noted that the impacted employees have already been informed.
Before the redundancies, CIMB had around 1,200 staff in the Singapore office.
Lee further added in the memo: “Regrettably, there will be some in our workforce who will be affected by the restructuring.
“We will ensure affected staff are informed at the earliest possible date and all efforts will be made to assist them with the transition.”
The scope of support may include redeployment within the organisation, on-site career counselling and outplacement services.
