08 Nov '11, 9pm

Singapore | Foreign banks cutting jobs here via

SINGAPORE - Foreign banks in Singapore may be reluctant to disclose numbers but industry observers note that jobs are being cut at these lenders. Mr Gary Lai, managing director of recruitment consultancy Charterhouse, said most of the banks that had reduced staffing here had done so to consolidate operations in countries like the Philippines or India. "So while you may have one person that they let go here, they might be hiring one more in a lower-cost country," he said. Foreign banks and financial institutions like Credit Suisse, Macquarie Group, Bank of America Nomura Holdings and Daiwa Securities are some of those that have retrenched staff in Asia recently. Reuters also reported last week that South Africa's Standard Bank had cut three jobs at its oil trading desk in Singapore. Still, Mr Lai said that the job losses in Singapore were not significant compared to 2008 an...

Full article: http://www.todayonline.com/Business/EDC111109-0000047/For...

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