By Robin Chan & Francis Chan

IT WAS a day of tears, tension and disappointment at DBS Bank yesterday as the first of hundreds of employees were told that they had been laid off.

It was unclear how many staff lost their jobs yesterday, but a DBS spokesman said most of those earmarked to go would be told by tonight.

The start of the layoffs did bring a degree of relief to the 7,600 bank staff here who had been waiting nervously to see where and when the axe would fall.

A woman in the corporate banking department told The Straits Times outside the bank's Shenton Way base: 'No one could focus today. It was like our Sept 11 - the atmosphere was so tense.

'No one, not even MDs (managing directors) knew who would be the next to go. Everyone was just waiting for the phone call. I am just glad this day is almost over. But we have one more day to get through.'

Experienced managing directors were some of the first to be told they were no longer needed.

One, aged 55, told The Straits Times: 'I have given more than two decades of service to the bank. Of course I am disappointed with the organisation.'

After arriving at his office as usual, he was summoned to human resources by telephone yesterday morning and let go immediately.

At around 4pm, as he walked down to his car - which was loaded with boxes of personal effects - he shook hands with colleagues he had worked with for many years. Others patted him on the back.

'I feel like this could have been done in a different way,' he said.

'Ten years ago, we all took a pay cut and our salaries were frozen. That was a more receptive approach. I guess this time they are taking a new tack.

'But what can I do? Life goes on. I have many options, and I can pursue other interests now. They have not been too unfair to me anyway. Those who have not been here as long, I know they are taking it a lot harder.'

For others, there was a sense of relief. An associate in his late 20s in the equity capital markets division said he had kept his job, ending days of anxiety.

But he said at least 12 of the 150-member unit, mainly managing directors and senior vice-presidents, were laid off in the morning. Most were gone by the afternoon.

'I didn't see it myself, but the stories have been going around the office that people were crying, others were packing up their stuff. It was quite a day,' he said.

Another associate said that the 50-strong risk management department was told by the boss yesterday morning that there would be no cuts.

Staff in the finance department have also not heard of any retrenchments, but they said 'anything could happen'.

A DBS spokesman told The Straits Times that several staff in Hong Kong were also informed yesterday that they had been retrenched.

DBS said last Friday that it would cut 900 jobs, mostly in its Singapore and Hong Kong units. It also reported that profits had suffered their worst fall in two years.

The cuts would be made from different functions and ranks, but junior staff would be 'relatively less affected', it said.

DBS said it recognises that 'this is a very trying and emotional time for our employees', and it will help retrenched staff with counselling and job searches. Outplacement services were on site yesterday.

It also said that it has been in talks with companies in various industries to provide career opportunities.

A list of more than 20 employers which are hiring has been made available to laid-off workers.

Those retrenched will remain an employee until Dec 1 and will get the standard severance packages of one month's pay for every year of service.

The DBS Staff Union said that the union will 'walk through this journey with all affected members' to ensure a smooth transition.

This article was first published in The Straits Times on November 14, 2008.