GXS Bank lays off 82 employees after 'strategic business review'
The digital bank will be offering severance and goodwill payments to affected employees, alongside extended medical coverage for three months, career transition support and counselling services.
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SINGAPORE: GXS Bank will retrench 82 employees across its group following a "strategic business review", said its group chief executive officer Pei-Si Lai in a message seen by CNA on Wednesday (Dec 3).
This makes up around 10 per cent of the digital bank's staff.
GXS, backed by ride-hailing giant Grab and telco Singtel, is currently "transitioning from building the bank to running the bank", said Lai.
"The roles that are essential as we move forward and focus on running the bank may be different from our build phase," she added.
Lai said that after conducting a strategic review, GXS tried to "reshape" itself for a year and a half.
"For example, we have only backfilled vacated roles that we believe are essential for the group for the years ahead," said Lai, adding that the bank had also regionalised its core capabilities, such as data, product and technology, to "improve collaboration" and scale its product innovation across multiple markets.
"However, the pace of organic reshaping has been slower than expected," she said.
GXS will be offering severance and goodwill payments to affected employees, alongside extended medical coverage for three months, career transition support and counselling services.
The bank will also be allowing them to go on garden leave so that they have "time and space" to begin their searches for new jobs.
