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
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
House Republicans Move to Defund OECD Over Global Tax Dispute
France Opens Criminal Investigation into X Over Algorithm Manipulation Allegations
Trump Steamrolls EU in Landmark Trade Win: US–EU Trade Deal Imposes 15% Tariff on European Imports
ChatGPT CEO Sam Altman says people share personal info with ChatGPT but don’t know chats can be used as court evidence in legal cases.
Intel Reports Revenue Beats but Sees 81% Rise in Losses
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
The Podcaster Who Accidentally Revealed He Earns Over $10 Million a Year
UK Government Considers Dropping Demand for Apple Encryption Backdoor
Japanese Man Discovers Family Connection Through DNA Testing After Decades of Separation
Russia Signals Openness to Ukraine Peace Talks Amid Escalating Drone Warfare
Switzerland Implements Ban on Mammography Screening
Pogacar Extends Dominance with Stage Fifteen Triumph at Tour de France
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
CEO Resigns Amid Controversy Over Relationship with HR Executive
NVIDIA Achieves $4 Trillion Valuation Amid AI Demand
Tulsi Gabbard Unveils Evidence Alleging Political Manipulation of Intelligence During Trump Administration
Centrist Criticism of von der Leyen Resurfaces as she Survives EU Confidence Vote
Trump Announces Coca-Cola to Shift to Cane Sugar in U.S. Production
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Zelensky Reshuffles Cabinet to Win Support at Home and in Washington
"Can You Hit Moscow?" Trump Asked Zelensky To Make Putin "Feel The Pain"
Church of England Removes 1991 Sexuality Guidelines from Clergy Selection
Superman Franchise Achieves Success with Latest Release
Hungary's Viktor Orban Rejects Agreements on Illegal Migration
Air India Pilot’s Mental Health Records Under Scrutiny
Jamie Dimon Warns Europe Is Losing Global Competitiveness and Flags Market Complacency
Moonshot AI Unveils Kimi K2: A New Open-Source AI Model
Martha Wells Says Humanity Still Far from True Artificial Intelligence
Nvidia Becomes World’s First Four‑Trillion‑Dollar Company Amid AI Boom
EU Delays Retaliatory Tariffs Amid New U.S. Threats on Imports
Trump Proposes Supplying Arms to Ukraine Through NATO Allies
US Opens First Rare Earth Mine in Over 70 Years in Wyoming
Bitcoin Reaches New Milestone of $116,000
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
×