ABM says banks may have to trim and realign workforce

KUALA LUMPUR: In line with digitalisation and emergence of financial technology in the banking sector, the Association of Banks in Malaysia said that banks may have to trim its workforce in certain areas and realign some of its manpower to key areas of focus.

Responding to media reports on banks offering voluntary separation scheme to employees, the association said in a statement that these initiatives were part of the banks’ effort to realign their strategies in relation to manpower requirements to enhance efficiency and to suit their respective business objective.

“To remain competitive in the digital banking sphere, banks have also initiated efforts with staff retraining, upskilling and/or redeploying opportunities in order to meet current demands of the banking industry,” the association said on other efforts banks are embarking on in terms of managing its manpower. Our member banks place great emphasis and investment in providing continuous training for the development of their workforce. They also remain committed to delivering quality banking services,” it added. As at end November 2017, there were over 4,000 vacancies in the banking industry while more than 4,500 new jobs were created between January to November 2017. Most of the new jobs created were in the areas of automation and information technology which is crucial to meet the demands of the evolving dynamics of the digital banking eco-system.