OCBC balancing cost of staff and cybersecurity; slowing down increments

Singapore

SHAREHOLDERS had expenses on their mind as they quizzed the board of OCBC Bank on salaries and other costs at the bank's annual general meeting on Friday.

OCBC chairman Ooi Sang Kuang said the bank is slowing down the fixed pay increments for its senior staff, while bonuses for senior management fell last year - in some cases "very significantly" - reflecting accountability for higher bad loans

But Mr Ooi also stressed certain expenses, including those to do with cybersecurity, cannot be avoided. "We are in a prudent, cost management mode, given the challenges that the banking industry is facing," he said. "But there are …