MS CHENG MAY SAN: 'I was dismayed by the report last Saturday ('DBS to cut 900 jobs'), that DBS Bank will retrench so many staff.
Despite recent government appeals to employers to restrain themselves from retrenching employees, a government-linked bank has just set the tone for more massive layoffs.
Unfortunately, in recent years, retrenchment is no longer an act of last resort, but the first action of a company whenever profit numbers are not ideal.
The axe falls even if a company continues to be profitable. The bottom line is to maximise corporate profits and shareholder value and little thought is given to an employee's livelihood.'
