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DBS rubbishes plans to outsource 1,500 local jobs to India



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DBS Bank has refuted “misleading statements circulating on social media” about its hiring plans for its new technology hub in Hyderabad, as reported in an article by The Straits Times.

The bank clarified that the new hub will not result in 1,500 jobs being relocated from Singapore.

“The bank was referring to a report last Friday on local news website The Independent, which said that the bank was outsourcing 1,500 jobs to India,” The Straits Times stated.

The report resulted in comments from netizens on Twitter and Facebook.

DBS explained in the article that the error made by The Independent likely arose after the bank’s announcement in India earlier last week that it is setting up a technology hub in Hyderabad, which will be its biggest outside of Singapore.

The bank had added it plans to recruit 1,500 people for the Indian facility over the next two years.

A DBS spokesperson told Human Resources that the bank “is not re-locating its existing tech operations to another location, nor does it have such plans”.

“DBS Asia Hub in Changi Business Park continues to be the Group’s largest tech hub anywhere in the world, supporting its digital strategy. The new tech centre in Hyderabad is an addition to DBS’ operations as the bank expands.”

“Today, DBS has over 10,000 people in Singapore, and continues to hire across different functions, including in technology.”

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