Maybank Kim Eng has reduced 5 per cent of its manpower in Singapore amid stiff competition from fintech firms, according to news reports.
The move was announced in an internal memo last Friday, December 6.
The stocks and derivatives brokerage firm wholly owned by Maybank has a headcount of around 600 in Singapore. The figure comprises 400 full-time employees as well as self-employed remisiers.
Roughly 30 positions were axed, according to a report.
In a statement, Maybank Kim Eng chief executive Ami Moris said, "With this exercise, we have had to restructure some parts of our operations, namely the Singapore Retail Brokerage, Regional Institutional Sales and Research, and Hong Kong Investment Banking and Advisory businesses. Regrettably, this had necessitated a review of our staff strength to an optimum level, which affected 3 per cent of the Maybank Kim Eng workforce."
She noted drastic changes in the investment banking landscape over the last few years, including shifts in customer preferences, increasing automation and digitalisation of brokerage offerings, as well as regulatory changes, as reasons for the restructuring.