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SINGAPORE – CIMB Singapore has laid off three of its banking unit heads as the lender restructures its business in an effort to cope with the impact of the Covid-19 pandemic.
The Malaysian bank’s local unit cut its consumer banking director Josandi Thor, commercial banking director Yong Jiunn Run and corporate banking director Lai Ven-Li.
They will leave the bank on November 30, according to the financial services careers website eFinancialCareers.
CIMB Singapore Chief Executive Officer Victor Lee sent an internal memo to staff on Tuesday (November 17) informing them of the layoffs, eFinancialCareers reported.
“This unprecedented pandemic has severely affected the economy and our business, forcing us to carefully analyze our business model and direction,” he wrote in the memo.
CIMB Singapore posted losses of RM939 million (S $ 309 million) in the first half of this year due to impairments, which weighed on the group’s performance.
Referring to CIMB’s growth plan, Mr. Lee said that the bank has conducted a detailed analysis of its Singapore business and recalibrated its Forward23 + strategy to place a greater emphasis on sustainable growth.
As a result, you will reshape business portfolios, drive cost efficiency, streamline your leadership structure, and allow your CEO to focus on key areas that impact the business.
Mr. Lee said that letting Ms. Thor, Mr. Yong and Ms. Lai go was a “difficult decision that group management had to make after considering various options.”
Thor joined CIMB Singapore in 2010 and previously led the bank’s marketing here and in Malaysia, while Yong has been with the bank since 2011.
It is not known how long Ms Lai has been at CIMB.
Lee said the bank will announce its new Singapore leadership team soon.
A CIMB Singapore spokesperson, when contacted, said: “We did not comment on any of the bank’s internal memoranda for confidentiality reasons.”
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