GXS Cuts About 10% of its Workforce After Strategic Review The decision follows a strategic review covering the bank's presence in Malaysia, Singapore and India.
You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.
Digital bank GXS, backed by Grab Holdings and Singtel, is letting go of 82 employees across its operations. Group chief executive Lai Pei Si informed staff of the decision on Dec 3, saying the reduction represents about 10 per cent of the bank's total roles.
The decision follows a strategic review covering the bank's presence in Malaysia, Singapore and India. GXS runs its Singapore business as GXS Bank, operates GXBank in Malaysia and maintains a technology centre in India.
The group said the review aimed to streamline its structure and sharpen its focus in the three markets.
Employees affected by the cuts will receive several forms of support. This includes severance and goodwill payments, three months of extended medical coverage and career transition assistance. The bank also said it will offer counselling services and garden leave to give staff time to look for new roles.
GXS reported a net loss of USD 214.3 million for the financial year that ended on Dec 31, 2024. This was wider than the loss of USD 208.2 million in the previous year.
The bank is one of three digital banks serving retail customers in Singapore. The others are MariBank, owned by Sea Group, and Trust Bank, which is jointly owned by Standard Chartered Bank and the enterprise arm of NTUC.
