Previously, we reported that ANZ Bank was closing businesses and disposing $4 billion worth of assets in Asia. The bank has also been retrenching employees from various functions in Singapore.
An update on the situation in Singapore was reported by TODAY online, who were tipped by an anonymous employee at the bank.
Over the last year, ANZ Bank Singapore has reduced its headcount by approximately 20%. This amounts to over 400 jobs.
Employees who were laid off, received one month’s salary for every year of employment.
This is certainly a rough time for banks in Asia and so far retrenchments have been announced by Goldman Sachs, Barclays, Standard Chartered, CIMB, ANZ, UBS, JP Morgan and Nomura.
Given the number and breadth of layoffs in the industry, the situation becomes especially tough for job seekers, since the number of options available is relatively limited.