A round of worry for Singapore's job sector as they look on unemployment rate. Why? That is because we have just read that Singapore's DBS is going to cut 900 jobs primarily in Singapore and Hong Kong. That is a worry factore. A large establish local bank in Singapore for years, I've never thought this will happen. I've always thought that DBS, that also owns POSB is something that is totally backed up by Singapore's goventment.
Reading about how the jobs that will be cut send shivers.. According to the reports on media, DBS did this to streamline their organisation as we are entering into a difficult economy phase. DBS had reported the net profit down too.
Will that create a domino effect with other banks and too, in terms of these retrenchments?
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