Merger will result in job redundancy, branch closures
KUALA LUMPUR (Reuters) — Malaysia's largest bank union, National Union Bank Employees (NUBE), has voiced concern about possible job losses from the "mega bank merger" between CIMB, RHB Capital and Malaysia Building Society, urging the central bank to come up with measures that could help safeguard employees.
A merger will result in some job redundancy and closure of branches. The magnitude of job cuts will depend on the merging banks' policies and business plan going forward.
"It is disappointing that after the announcement, neither the central bank nor any of the merging banks have come out with clear guidelines or indication on how this situation will be handled. It's surprising that the human relations departments also do not know much about it," NUBE president told The Malaysian Reserve.
