Liechtenstein-based VP Bank has trimmed its workforce in its Singapore unit, sources told finews.asia, following the closure of its Hong Kong office and the announcement of new measures to improve profitability.
VP Bank has cut as much as 20 percent of its workforce in Singapore, sources familiar with the matter told finews.asia, with the reduction affecting the majority of functions. When contacted, a spokesperson for the bank said that «the efficiency measure is part of a routine business review to optimize our organization and align our resources with the Bank's strategic priorities for long-term success», though it did not provide specific figures.
«Asia remains an important growth region for the Group. We remain fully committed to our presence in Singapore and our dedication to providing the highest level of service and support to our clients in Asia remains unwavering,» the spokesperson added. «VP Bank will continue to grow and strengthen the Intermediaries and Private Banking presence in Asia and explore new opportunities from the Singapore location.»
Efficiency Target
In the announcement of its mid-year results, which saw a 54.8 percent year-on-year plunge in net profit, VP Bank unveiled a package of new measures aimed at achieving a minimum efficiency of 20 million Swiss francs ($24 million) by the end of 2026.
During a conference on the results, chief operating officer (COO) and interim CEO Urs Monstein said that the bank expects to shrink its 1,000-strong global workforce by 100 positions with significant job cuts in Asia.
Shortly before the half-year results were announced, VP Bank in Asia saw the exits of regional CEO and COO Pamela Hsu and Heline Lam, respectively, alongside the closure of its Hong Kong office.
