CIMB Singapore laying off employees, closing Orchard Road branch

CIMB Singapore laying off employees, closing Orchard Road branch

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CIMB Singapore's branch in Orchard Road will cease operations from Jun 30, 2021.

SINGAPORE: CIMB Singapore will lay off employees and shut its branch in Orchard Road following a review of its business and resources. 

In a joint statement on Thursday (Mar 25), the Banking and Financial Services Union and Singapore Bank Employees’ Union said they are working closely with CIMB to negotiate for a fair compensation package for affected employees.

“The unions’ key priority is to assist our members; help them find jobs; and ensure that they are treated fairly and with dignity during the (retrenchment) exercise,” they said.

CIMB did not respond to CNA's queries on how many employees were being let go and when the Orchard Branch will close. 

But a notice outside the Orchard branch said it will cease operations from Jun 30. The bank’s other branch is at Raffles Place.

In a statement, a CIMB spokesperson said: "Given our digital transformation efforts and our customers’ shift towards online channels, we have carefully reviewed our resources. This will enable us to weather the challenging and fast-evolving environment to ultimately, deliver value to all our stakeholders.

"Since 2020, we have been intensifying our efforts to upskill our staff particularly in Digital, Data and Design and are proactively working with internal and external support groups to assist our affected staff during this transition."

CIMB, headquartered in Kuala Lumpur, Malaysia, said Singapore is "a core and important market" to the Group, and it will continue to invest in its key growth areas.

“With the Group’s recalibrated strategy, CIMB Singapore will be further positioned as an ASEAN banking hub … with a focus on wealth management, SME banking, regional corporates and treasury and markets.”

Additional reporting by Gwyneth Teo.

Source: CNA/vc(gs)

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