Malaysian banks reducing staff

Optimising strength: Affin Holdings Bhd CEO Kamarul Ariffin Mohd Jamil says at the point of the merger between the investment banking units of Affin and HwangDBS (M) Bhd a rightsizing exercise was identified as a necessary measure towards generating synergies from the merger.

PETALING JAYA: There is a sense of urgency among banks to become more cost-efficient amid the current challenging landscape, with the focus on reducing their workforce to an optimal level.

RAM Ratings co-head of financial institution ratings Wong Yin Ching said the measures implemented to reduce their respective workforce were being undertaken with greater urgency now, given the softer earnings outlook amid a challenging economic environment with slower loans growth and continued margin compression.