CIMB: No more job cuts in Malaysia, Indonesia this year

CIMB Group will not undertake any more job cuts in Malaysia and Indonesia in 2016 after last year’s mutual separation scheme exercise.

CIMB Group chief executive Tengku Zafrul Aziz said the bank was now focused on improving productivity and meeting its business agenda.

“We have done the mutual separation scheme and we are not planning to do it any more here or in Indonesia,” he told reporters after presenting prizes to winners of the CIMB Asean Stock Challenge 2015 in Kuala Lumpur today.

On Friday, CIMB cut 32 jobs in its Hong Kong investment banking and equities business due to worsening capital market conditions.

Zafrul said for the first six months of 2016, the bank expected the outlook to be challenging based on the current economic environment.

“But having said that, I think the bank has started to appreciate because if we look at the capital and equity ratio of all banks in Malaysia, we more than meet the requirement by the central bank.

“We are also looking at a compatible growth economic growth of between 4.5 and 4.8 percent for the banking industry this year,” he added.