DISILLUSIONED - Letter from DBS employee

November 08, 2008 Saturday, 07:08 AM


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I am a staff of DBS and i am really disappointed with DBS for resorting to such a measure. This company reeks of hypocrisy. Just look at the marketing slogan they have spent so much money on to portray happy staff showing the "can-do" spirit helping communities around. Just look at the advertisements they spent so much money on, placing on ads on buses showing smiling employees. They sure know how to spent so much money on marketing that their employees are happy and how much DBS bank values them by recognising them.

Firstly, before such a drastic measure is taken, i feel that DBS should at least use some other measure first, such as reducing pay from the top brass, before cutting off employees who might earn only S$2000-4000 a month. A typical managing director or SVP should be earning about S$400,000- 700,000 a year, excluding bonuses. Reducing by half of such a high salary to S$200,000-350,000 is ok, don’t you think so and this would have saved 8-29 normal employees jobs just from a cut of 1 managing director pay. Frankly, a big part of the responsibility of steering a ship safely should lie in the hands of the so called captains. Let's see if DBS bank will do the right thing.

Secondly, a 13% drop in net earnings is bad but if placed in perspective by comparing with foreign banks or companies it is still ok. Just a 13% drop and they are retrenching 6% of their staff. Look at for example Citigroup. They are facing much more than 90% drop in net earnings and they have axed only like 10-30% of their global workforce. This just reeks of total job instability for working with DBS bank, a local bank that is supposed to be relatively conservative in their activities and supposed to be a bank close to the hearts of Singaporeans.

Thirdly, its common knowledge that foreign banks pay more than DBS bank or local banks. Something like up to 2 times a salary for someone doing the similar job. By paying an employee less during boom times, shouldn't there be more job stability during recessionary time during bad times?

I am truly disappointed with DBS bank. They have made gaffes after gaffes. First with Fixed Deposit boxes, cheques being cleared wrongly, mini bonds and now axing staff without thinking of the possible alternative measures first.

Please do the right thing DBS. Or at least, stop being hypocritical by portraying happy smiling staff and save the marketing expenses.