Daily Briefing: Maybank Kim Eng cuts 5% of Singapore staff; Beauty salon booking platform Vaniday shuts down

And bridal studio Beautiful Love Wedding suddenly closed.

From CNA:

Maybank Kim Eng, the investment banking arm of Malaysian lender Maybank, has cut about 5% of its Singapore workforce as part of a "comprehensive restructuring" of its operating model.

In all, 3% of its total workforce will be affected by the restructuring, said Maybank Kim Eng.

The job cuts, announced to employees, come as Maybank Kim Eng relooks some parts of its operations, including its Singapore retail brokerage, regional institutional sales and research, and Hong Kong investment banking and advisory businesses.

It also comes amid a shift in customer preferences and dramatic changes in the investment banking landscape, said Maybank Kim Eng chief executive officer Ami Moris, citing the increasing automation and digitalisation of brokerage offerings as well as regulatory changes.

“Regrettably, this had necessitated a review of our staff strength to an optimum level,” said Ms Moris in a Maybank Kim Eng statement to CNA.

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