DBS draw first blood. The new CEO was a "people" person according to news when he was hired. DBS made history in the first retrenchment since it existence. When you have an outsider for CEO, this is not unusual. Outsiders do not have the history nor the intimate understanding of the organisation. They are therefore disinterested and can bring forth the sharp knife in order to deliver results. Results that are short term as outsiders are usually hired guns who know their tenure will be short term. This may be the shot in the arm for our government linked bank. It may also send shocks and cause unfold damages for years to come. Damages that DBS will take long time to heal or even not recover.
We can only wait and see.
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