Maybank Kim Eng cuts 5% of Singapore jobs

Maybank Kim Eng, the investment banking and securities broking arm of Malaysia’s largest bank, has laid off 5% of its workforce in Singapore, according to a report by The Business Times on December 10.

That works out to be about 30 out of the 600 staff in the Republic – out of which 400 are full-time employees. The latest layoff will trim 3% of the entire workforce at Maybank Kim Eng, who has around 2000 employees, most of whom are in South-East Asia.

The investment bank says the latest layoff is due to stiffer competition amidst increasing automation and digitalisation in the investment industry.

Maybank Kim Eng said in an email statement to The Business Times, “The investment banking landscape has evolved dramatically over the last few years due to shifts in customer preferences and dynamic changes in the markets. These include the increasing automation and digitalisation of brokerage offerings, as well as changes in regulatory environment.

“The comprehensive restructuring of MKE’s cost structure and existing operating model will enable MKE to leverage emerging opportunities in new growth areas. The affected business lines will remain key to MKE’s operations and are essential components of the investment bank’s growth and aspirations.”

Maybank Kim Eng’s Group Chief Executive Officer Ami Moris said in a memo to staff last Friday that the company will provide support to affected staff including offering outplacement advice and referrals.

He said, “Decisions that affect out people’s lives in this way are never easy to make. These decisions, on our portfolio of products and solutions, are based on global market forces that we cannot ignore.”

Maybank Kim Eng is the 15th largest investment broker in Singapore with a 3.38% market share.