CIMB lays off 12 from Singapore broking business

Singapore

THE lacklustre markets have claimed more victims, as CIMB laid off a dozen staff from its broking business in Singapore a week ago.

The bank confirmed that the retrenched employees mostly came from back-end support functions. Half of them were contract staff. There were no retrenchments in the banking business. "Similar to our industry peers, we are not spared from the harsh realities of the deteriorating capital markets," a spokesperson for the bank told The Business Times.