DBS breaks ranks in Singapore job cuts
Singapore banking group DBS has announced 900 job losses - roughly half in each of Hong Kong and Singapore making it the first major Singaporean company to shed substantial numbers, to the chagrin of at least one minister.
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Lim Swee Say, a minister in the Office of the Prime Minister, the principle policy-making organ in Singapore, says that job cuts should be a last resort. DBS on the other hand says that it has already done the two things that preface redundancies: a hiring freeze and reduction by natural wastage.
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