Singapore - A Singapore minister criticized job cuts at the city-state's largest bank amid fears of more lay-offs next year, newspapers reported Saturday.
Lim Swee Say, a minister in the Prime Minister's Office and the secretary general of the 500,000-member National Trades Union Congress, said DBS Bank had not consulted with the DBS Staff Union on other alternatives to cut costs and opted for sudden job cuts.
But the listed and partially state-owned DBS defended its decision, saying the job cuts affected 3.5 per cent of its junior ranks, compared with 16 per cent of its senior management.