(Singapore) – DBS Group is extending salary cuts for its 550 senior management, citing the weak economy.Although described as a “holding measure”, the Bank’s move is impacting all Vice President positions with a 5 percent pay cut this year as one way of controlling costs.
DBS has already implemented a 20 percent salary cut for its 5 senior corporate officers, cut the salaries of its managing directors by 10 percent, both of which are also being extended now through 2002.