08 Nov '11, 1pm

Foreign banks in S'pore cut headcount

SINGAPORE: Foreign lenders in Singapore are cutting headcount as investment banking deals dry up and trading environment continues to sag. Banks across Asia are undertaking a fresh round of job cuts, according to insiders, and Singapore has not been spared. Lenders began letting staff go at the end of September as strict capital rules in Europe and the US -- and a tough third quarter for trading income -- took their toll, hitting investment banking in particular. And this is happening again, come November. Charterhouse's managing director for Southeast Asia, Gary Lai, said: "I do know of banks letting go of staff in drips -- four or five people in a particular department. "To be fair, most of the banks that have let go (staff), what they've done is to consolidate certain operations in countries like the Philippines or India. "So while you have one person that they let go h...

Full article: http://www.channelnewsasia.com/stories/singaporebusinessn...

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