Budapest Post

Cum Deo pro Patria et Libertate
Budapest, Europe and world news

DBS to allow employees to work from home up to 40 per cent of the time

DBS to allow employees to work from home up to 40 per cent of the time

Four out of five of DBS’s employees said they were able to work seamlessly remotely, the bank said.

DBS, Singapore’s biggest bank, said it would allow all of its employees to work from home up to 40 per cent of the time as it became the latest bank to reconsider its staffing model in light of its experience during the coronavirus pandemic.

Following a six-month examination by an internal task force, Piyush Gupta, DBS’s chief executive, said the lender would “radically transform” its structure by adopting a hybrid working model that allows employees to work remotely or in the office, creating more flexible work arrangements through job sharing and retraining 7,200 employees in data analytics, artificial intelligence and other emerging areas of technology.

“As the way we live, bank and work continues to change dramatically, we must address the magnitude of the disruptions before us,” Gupta said in a news release on Tuesday. “We will also accelerate our employee upskilling agenda at scale and ingrain the use of data-driven operating models across the bank. By implementing these measures, we believe that Team DBS will emerge as a confident future-ready workforce.”

DBS said four out of five of its 29,000 employees indicated they were able to work seamlessly remotely. However, the bank opted for a hybrid approach after employees indicated staying engaged and connecting with colleagues was challenging.

It was not immediately clear how the shift would affect the bank’s staffing structure in Hong Kong.

Under DBS’s job sharing scheme, two employees would share responsibilities for one full-time role. Those employees would retain existing medical benefits and be covered by the bank’s insurance plans.

DBS also said it would reconfigure workspaces for more collaboration between employees and accelerate a transition to a more project-specific operating model using teams from different function areas.

The move by DBS comes after Standard Chartered said this month it would allow employees in nine markets, including Hong Kong, to apply for formal flexi-working arrangements. That could include time split between Standard Chartered’s offices, at home or co-working facilities.


Piyush Gupta, DBS’s chief executive, said the company would “radically transform” its staffing structure with more flexible working arrangements.


“We are excited about the future as we step into a new era for the bank and the positive impact we can make on our productivity, well-being and carbon footprint,” Tanuj Kapilashrami, Standard Chartered’s group head of human resources, said in a November 6 statement. “We also see this as an opportunity to appeal to a wider and more diverse potential future workforce.”

HSBC chief financial officer Ewen Stevenson said last month that the bank was considering more ways to digitise its operations and have more staff members work from home in the future. Stevenson told Bloomberg Television that could include employees working remotely two to three days a week.

Jamie Dimon, the JPMorgan Chase chief executive, said in October that up to 30 per cent of the bank’s staff could work from home permanently in the future.

The coronavirus pandemic forced global lenders to reconfigure their systems and rapidly adopt remote working as much as 90 per cent of their employees were forced into lockdown in some markets.


Standard Chartered chief executive Bill Winters.


The world’s largest work-from-home experiment ever has leaders at global banks rethinking everything from travel to office space as they look for ways to trim costs against the backdrop of historically low interest rates, which are cutting into their bottom lines.

The re-examination of how banks staff could cut into demand for Hong Kong’s prime office space, as financial companies are some of the biggest commercial renters in the city, according to market observers.

“Our intention at Standard Chartered is to imagine the future and move there quickly, rather than resist, resist and resist,” Bill Winters, the Standard Chartered CEO, said during a presentation at Hong Kong’s Fintech Week on November 4. “The space that you use has to be heavily invested in collaboration space.

Going forward when I come into the office – any office – it’s going to be to collaborate. It’s not going to be to sit in my office alone with me and my laptop, clicking away and doing video conferences. That I can do from home, the hotel or some other office.”

AI Disclaimer: An advanced artificial intelligence (AI) system generated the content of this page on its own. This innovative technology conducts extensive research from a variety of reliable sources, performs rigorous fact-checking and verification, cleans up and balances biased or manipulated content, and presents a minimal factual summary that is just enough yet essential for you to function as an informed and educated citizen. Please keep in mind, however, that this system is an evolving technology, and as a result, the article may contain accidental inaccuracies or errors. We urge you to help us improve our site by reporting any inaccuracies you find using the "Contact Us" link at the bottom of this page. Your helpful feedback helps us improve our system and deliver more precise content. When you find an article of interest here, please look for the full and extensive coverage of this topic in traditional news sources, as they are written by professional journalists that we try to support, not replace. We appreciate your understanding and assistance.
Newsletter

Related Articles

0:00
0:00
Close
Severe Heatwave Claims 2,300 Lives Across Europe
Declining Beer Consumption Signals Cultural Shift in Germany
Emails Leaked: How Passenger Luggage Became a Side Income for Airport Workers
Polish MEP: “Dear Leftists - China is laughing at you, Russia is laughing, India is laughing”
Western Europe Records Hottest June on Record
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
China’s Central Bank Consults European Peers on Low-Rate Strategies
France Requests Airlines to Cut Flights at Paris Airports Amid Planned Air Traffic Controller Strike
Poland Implements Border Checks Amid Growing Migration Tensions
Emirates Airline Expands Market Share with New $20 Million Campaign
Amazon Reaches Milestone with Deployment of One Millionth Robot
Yulia Putintseva Calls for Spectator Ejection at Wimbledon Over Safety Concerns
House Oversight Committee Subpoenas Former Jill Biden Aide Amid Investigation into Alleged Concealment of President Biden's Cognitive Health
Amazon Reaches Major Automation Milestone with Over One Million Robots
Extreme Heat Wave Sweeps Across Europe, Hitting Record Temperatures
Meta Announces Formation of Ambitious AI Unit, Meta Superintelligence Labs
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Germany Votes to Suspend Family Reunification for Asylum Seekers
Budapest Pride Parade Draws 200,000 Participants Amid Government Ban
Southern Europe Experiences Extreme Heat
Xiaomi's YU7 SUV Launch Garners Record Pre-Orders Amid Market Challenges
Jeff Bezos and Lauren Sanchez's Lavish Wedding in Venice
Russia Launches Largest Air Assault on Ukraine Since Invasion
Massive Anti-Government Protests Erupt in Belgrade
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Hungary's Prime Minister Criticizes NATO's Role in Ukraine
EU TO HUNGARY: LET THEM PRIDE OR PREP FOR SHADE. ORBÁN TO EU: STAY IN YOUR LANE AND FIX YOUR OWN MESS.
Hungarian Scientist to Conduct 30 Research Experiments on the International Space Station
NATO Members Agree to 5% Defense Spending Target by 2035
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
International Astronaut Team Launched to Space Station
Macron and Merz: Europe must arm itself in an unstable world
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Iran Intensifies Crackdown on Alleged Mossad Operatives After Sabotage Claims
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
Oil Prices Set to Surge After US Strikes Iran
BA and Singapore Airlines Cancel Dubai Flights Amid Middle East Tensions
Trump Faces Backlash from MAGA Base Over Iran Strikes
Meta Bets $14 B on Alexandr Wang to Drive AI Ambitions
FedEx Founder Fred Smith, ‘Heart and Soul’ of the Company, Dies at 80
Chinese Factories Shift Away from U.S. Amid Trump‑Era Tariffs
Pimco Seizes Opportunity in Japan’s Dislocated Bond Market
Labubu Doll Drives Pop Mart to Status as China’s Most Valuable Toy Maker
Global Coal Demand Defies Paris Accord Goals
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
×