BIZCHINA> Reports
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BIZCHINA> Reports
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Bank layoffs cast shadow on mainland
(chinadaily.com.cn)
Updated: 2008-11-19 09:28
The spate of layoffs in the banking sector has sparked fears of job losses amongst Chinese employees working in banks and financial houses. Although no foreign bank has cut mainland jobs to date, "it is only a matter of time before they start doing so", said a junior manager at the Shanghai branch of DBS Bank.
The Singapore bank had earlier said it would cut its global workforce by 6 percent, or 900 jobs, by the end of this month, to reduce costs after reporting a fall in third quarter net profit.
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