DBS cuts jobs across Asia at brokerage unit

PHOTO: Reuters

SINGAPORE - DBS Group Holdings is cutting about 12 jobs across Asia at its brokerage unit, DBS Vickers, as broking firms battle a slump in trading activity across the region.

"We have decided to conduct a business rationalisation exercise for the institutional business unit, and a small number of staff, just over a dozen across the region, will be impacted," DBS said in a statement on Thursday, but did not give out further details.

It said that all employees affected will be given opportunities to be re-deployed within the DBS Group, which employs about 22,000 people.