DBS Vickers trims 12 Asia roles

SINGAPORE: DBS Group Holdings Ltd cut at least 12 roles across Asia at its brokerage unit, the latest bank to shrink its trading desk as volumes slump.

DBS Vickers Securities was rationalising its institutional business unit as it sought to be “more competitive and responsive to market changes”, said the brokerage arm of Southeast Asia’s largest lender in an emailed response to questions.

Affected employees would be offered opportunities to be redeployed within the bank, according to the brokerage.

“We continuously look at ways to enhance effectiveness, efficiency and productivity, including reviewing our systems and processes, as well as staffing levels,” said DBS Vickers.

The move comes amid difficult trading conditions in Asia that have hurt revenues at brokerages. Firms including BNP Paribas SA, Nomura Holdings Inc and Macquarie Group Ltd have trimmed their Asian equities businesses this year in reaction to the slump.

DBS in October reported thirdquarter profit of S$1.07 billion (RM3.3 billion), little changed from the year-ago period.

The average daily value of shares traded in Singapore fell to S$1.06 billion this year, a 24 per cent decline from 2013, according to data compiled by Bloomberg.

There were 3,401 stockbrokers in the city-state at the end of October, compared with 4,336 in 2011, according to data from Singapore Exchange Ltd, which operates the local stock market. The exchange has rolled out training courses in attempts to help brokers cope.

DBS shares have risen 6.5 per cent, here, this year, outpacing the 1.5 per cent increase on the benchmark Straits Times Index. The stock rose 1.4 per cent to S$17.80 as of 10.28am, here, yesterday.