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UOB treasury business feels the squeeze

UOB treasury business feels the squeeze

(29 April 2005 – Singapore) United Overseas Bank has denied it is downsizing its treasury operations despite the recent loss of seven dealers and rumours it plans to cut more jobs. UOB issues a statement last week saying it had streamlined its market making activities but that this was part of a regular review.

"The bank would like to emphasise it is not downsizing its treasury operations. In fact, the division is still actively hiring people," the Singaporean bank said.

UOB’s treasury business has been performing poorly over recent times and reports indicate the bank could cut its trading team of 52 in half.

At the end of 2004, ratings agency Moody’s placed UOB on review for a possible downgrade as it said the bank was under more pressure than its Singaporean peers DBS and OCBC.

Moody’s said UOB’s asset quality was improving slowly compared to the other banks.
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