SINGAPORE, Dec 11 — Maybank Kim Eng, the investment banking arm of Malaysian lender Maybank, has cut about five per cent of its Singapore’s workforce as part of a “comprehensive restructuring” of its operating model, CNA reported.
The news channel in its online report said the job cuts, announced to employees on December 6, come as Maybank Kim Eng relooks at some parts of its operations, including its Singapore retail brokerage, regional institutional sales and research and Hong Kong investment banking and advisory businesses.
Quoting Maybank Kim Eng chief executive officer Ami Moris, the report said it also comes amid a shift in customer preferences and dramatic changes in the investment banking landscape, citing the increasing automation and digitalisation of brokerage offerings as well as regulatory changes.
“Regrettably, this had necessitated a review of our staff strength to an optimum level,” she was quoted in the statement.
In all, the report said three per cent of its total workforce will be affected by the restructuring.
According to the news portal, the restructuring is needed to help Maybank Kim Eng continue to “maintain sustainable growth and deliver value for its clients” and enhance its competitiveness.
The report said the company plans to capture new markets via new product offerings, align distribution channels and enhance client offerings and connectivity across products.
The comprehensive restructuring of Maybank Kim Eng’s cost structure and existing operating model will enable it to leverage emerging opportunities in new growth areas, it said.
Moris reportedly said that employees affected by the layoffs will receive compensation packages in line “with the law and market practice” as well as outplacement advice and referrals.
“The group appreciates their years of service with Maybank Kim Eng and will provide relevant support to assist them during this transition period,” she said.