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Biggest SEA bank also shaving salaries

Biggest SEA bank also shaving salaries

(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.
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