DBS Group Holdings has reported to The Straits Times news redeploy at least 12 roles across Asia at its brokerage unit. It is also the latest bank to shrink its trading desk as volumes slump. In an e-mailed response, brokerage DBS Vickers Securities said that it is rationalising its institutional business unit as it seeks to be “more competitive and responsive to market changes”.
Speaking to Human Resources, a DBS Vickers spokesperson commented: “We continuously look at ways to enhance effectiveness, efficiency and productivity, including reviewing our systems and processes, as well as staffing levels. This is in order to be more competitive and responsive to market changes.”
“After much consideration, we have decided to conduct a business rationalisation exercise for the institutional business unit, and a small number of staff, just over a dozen across the region, will be impacted. We will offer all affected employees opportunities to be redeployed within DBS and will support them closely through this transition,” added the spokesperson.
Based on data compiled by Bloomberg, the report stated that the average daily value of shares traded in Singapore fell to S$1.06 billion this year, a 24% decline from 2013.
In February, chief executive officer Piyush Gupta said that the bank would slow hiring. “We are also calibrating down the average wage increases for this year and it is biased towards the senior people,” he mentioned at the briefing.
Currently, DBS Vickers has offices in Hong Kong, Indonesia, Thailand, Malaysia, the U.S. and U.K.
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