CIMB S’pore To Close Orchard Branch & Lay Off Workers, Staff Will Get Compensation Packages

CIMB To Close Orchard Branch On 30 Jun & Lay Off Workers

With digital banking on the rise, brick-and-mortar banks seem to be becoming more obsolete.

CIMB Singapore can attest to that, as it plans to close down its Orchard Branch as part of the Malaysian bank restructuring. Only its Raffles Place branch will remain.

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The closure will undoubtedly affect some workers, whom the bank claims it’ll be helping, as they negotiate compensation packages.

CIMB to close Orchard branch on 30 Jun

According to Channel NewsAsia (CNA), the aforementioned branch will cease all operations from 30 Jun 2021.

In order to ascertain a reasonable compensation package for the employees who will be laid off, CIMB will be working closely with the Banking and Financial Services Union and Singapore Bank Employees’ Union.

CNA, however, reports that the Malaysian Bank hasn’t revealed the number of workers they’ll be letting go.

Promise to provide fair compensation to retrenched employees

Chief executive officer (CEO) Victor Lee stated in a memo to The Business Times (BT) that,

We will ensure affected staff are informed at the earliest possible date and all efforts will be made to assist them with the transition.

He added that this assistance includes providing the affected staff with opportunities to apply for other roles within the organisation, on-site career counselling and outplacement services.

Hoping for the best for affected employees

Covid-19 has certainly impacted the job market, which has definitely seen better days.

We thus hope that CIMB will provide a decent severance package to the affected employees to help them tide through the adjustment period.

Hopefully, they will be able to secure a new job in time to come, if the need arises.

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Featured image adapted from Google Maps.