CIMB offers voluntary exit scheme to employees
[KUALA LUMPUR] CIMB Group Holdings, Malaysia's second-largest lender by assets, said on Friday it had offered a voluntary option of leaving to its employees in Malaysia and Indonesia, in a bid to improve its operating cost structure and raise efficiency.
The Mutual Separation Scheme (MSS) would be fully voluntary, CIMB said in a statement.
CIMB has a total of 40,000 employees company-wide, with the bulk of that in the two South-east Asian nations. It did not say how many employees it expects to take up the offer.
The lender reported a 76 per cent drop in its fourth quarter net profit earlier this year, dragged by slower revenue and a sharp increase in provisions.
It has already cut 150 jobs company-wide and said in March that it planned to optimise costs further.
REUTERS
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
BNP Paribas beats estimates as lower costs offset trading slump
Japan brokerage Daiwa’s Q4 profit more than doubles as markets recover
Barclays Q1 profit falls 12% as mortgage competition, deals drought hit
Deutsche Bank Q1 profit jumps 10% as investment bank outperforms
Latest Singapore 6-month T-bill offering cut-off yield of 3.74% as applications dip
Morgan Stanley Asia private equity unit to reorganise as CEO retires