{"id":19010,"date":"2015-09-18T17:44:04","date_gmt":"2015-09-18T09:44:04","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=19010"},"modified":"2015-09-18T17:44:04","modified_gmt":"2015-09-18T09:44:04","slug":"more-malaysians-could-be-losing-jobs","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/more-malaysians-could-be-losing-jobs","title":{"rendered":"More Malaysians Could Be Losing Jobs"},"content":{"rendered":"<p>More Malaysians could be losing their jobs, as banks take measures to become more cost-efficient amid the current economic volatility, with the focus on reducing their workforce to an optimal level.<\/p>\n<p>RAM Ratings co-head of financial institution ratings Wong Yin Ching told <em>The Star<\/em> that banks are taking measures to reduce their respective workforce with greater urgency now, given the softer earnings outlook amid a challenging economic environment with sluggish loans growth and continued margin depression.<\/p>\n<p>Experts believe that banks that are implementing job cuts are making the most of the current capital market weakness to optimise their staff strength and get their expenses (cost-income ratios) right.<\/p>\n<p><strong>RHB Capital Bhd (RHBCap) <\/strong>is the most recent Malaysian banking group to embark on a rightsizing exercise by offering its 17,500 employees a career transition scheme (CTS). However, it does not have a definitive target on the number of staff it would be releasing under the scheme.<\/p>\n<p>Meanwhile, <strong>CIMB Group Holdings Bhd<\/strong> was the first local bank in recent times to rationalise its staff when it completed an RM443.3mil mutual separation scheme (MSS) in July.<\/p>\n<p>Affin Holdings Bhd\u2019s investment banking arm, <strong>Affin Hwang Capital<\/strong>, is currently undergoing a rationalisation exercise, following the merger between the investment banking businesses of both Affin and HwangDBS (M) Bhd, which took place in 2014.<\/p>\n<p>Not all is gloom and doom for the banking industry. Some banks appear to be adopting a wait-and-see attitude, while others said there were no plans to slash jobs.<\/p>\n<p>A spokesperson at <strong>Alliance Bank Bhd<\/strong> said it would continue to assess skill sets and staffing requirements to support the business plans and direction.<\/p>\n<p><strong>Hong Leong Bank Bhd<\/strong> CEO KK Tan said despite a challenging operating environment, they were able to sustain its asset quality position and that it was business as usual.<\/p>\n<p><strong>Malayan Banking Bhd<\/strong> group president and CEO Datuk Abdul Farid Alias said earlier this month that it would not be cutting staff.<\/p>\n<p>Each banking group will have its own reasons for downsizing, but the motivation to do so appears to be greater than ever for banks that were \u201coverweight\u201d with higher-cost employees.<\/p>\n<p>In the face of economic uncertainty, we all want to save a few bucks\u00a0whenever we can.\u00a0You can leverage on your spending habits and make your money work harder for you by getting a <a href=\"https:\/\/www.imoney.my\/credit-card\/top-10-credit-cards\/\" target=\"_blank\">credit card<\/a> that best suits your lifestyle and your needs.<\/p>\n<p><em>[<\/em><a href=\"http:\/\/www.thestar.com.my\/Business\/Business-News\/2015\/09\/17\/Banks-rightsizing-staff\/?style=biz\" target=\"_blank\" rel=\"nofollow\"><em>Source<\/em><\/a><em>]<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>More Malaysians could be losing their jobs as banks take measures to become more cost-efficient.<\/p>\n","protected":false},"author":29,"featured_media":19016,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,216],"tags":[],"class_list":["post-19010","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news-updates"],"acf":[],"yoast_head":"<!-- This site is optimized with the 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