CIMB Singapore lays off staff after restructuring; Orchard branch to close
Bank declines to comment on how many employees affected and in which departments
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Singapore
CIMB Singapore will be laying off staff and shutting its branch in Orchard Road as part of a restructuring exercise following a review of its business, according to an internal memo seen by The Business Times.
This comes as the bank revises its strategy to emphasise on sustainable growth, in line with the group's vision to be a "leading focused Asean bank", wrote CIMB Singapore's chief executive officer Victor Lee in the memo sent on the morning of March 23.
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