Singapore Regulator Warns of More Bank Job Losses in Second Half
- MAS encourages financial firms to employ, promote Singaporeans
- Bank retrenchment at ‘subdued’ levels in first six months: MAS
Pedestrians cross a street outside the Bangkok Bank building in the central business district of Singapore.
Photographer: Lauryn Ishak/BloombergThis article is for subscribers only.
Singapore’s financial-services sector, which accounts for 4.5% of total employment, may see more job losses during the second half of the year as the country goes through its worst recession ever, the central bank warned Wednesday.
Banks, insurers and other financial institutions held up well during the first six months when the sector created about 1,500 jobs and retrenchment levels stayed “subdued,” the Monetary Authority of Singapore said. Locals snapped up three out of every four new jobs, Jacqueline Loh, MAS Deputy Managing Director for markets & development said in a speech.