Serious [ Singapore News ] Beware of Indian - Piyush Gupta Shouted: Don't Say We Cut

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http://www.businesstimes.com.sg/comp...gaining-ground

Workers' rights gaining ground

Monday, March 6, 2017 - 05:50
by Siow Li Sen [email protected]

AT A results briefing last month, DBS Bank chief executive Piyush Gupta startled the roomful of reporters when he raised his voice to say "Don't say we cut!" to a question on the group's staffing level, which had fallen by about 300 from the previous year. Mr Gupta, who normally speaks fast, explained in some detail that the staff who left did so on their own accord, and were not "cut".





http://www.straitstimes.com/business...e-to-india-hub

DBS not relocating jobs from S'pore to India hub

Published
May 22, 2016, 5:00 am SGT
Ann Williams

Singapore's largest lender DBS yesterday refuted "misleading statements circulating on social media" about its expansion plans for its new technology hub in Hyderabad, stating this would not result in 1,500 jobs being relocated from Singapore.

The bank was referring to a report last Friday on local news website The Independent, which said that the bank was outsourcing 1,500 jobs to India. The report resulted in comments from netizens on Twitter and Facebook.

DBS said the report likely arose after the bank's announcement in India earlier last week that it is setting up a technology hub in Hyderabad, which will be its biggest outside of Singapore, with plans to recruit 1,500 people for the facility over the next two years.
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"To be clear, DBS is not relocating its existing tech operations to another location, nor does it have such plans," said the bank in its statement yesterday.

It added: "DBS Asia Hub in Changi Business Park continues to be the group's largest tech hub anywhere in the world, supporting its digital strategy. The new tech centre in Hyderabad is an addition to DBS' operations as the bank expands."

A DBS spokesman told The Sunday Times that the bank hired 600 people in Singapore last year, bringing its total headcount here to 10,300. "DBS continues to hire in Singapore across different functions, including in technology," she said.

The Independent has changed the headline on its DBS report and appended the bank's statement.

DBS said last week its Hyderabad hub will boost the bank's technological capabilities across Asia as well as its digital banking strategy. It launched India's first mobile-only bank last month, a move that will allow it to ramp up its presence in Asia's third-largest economy.

DBS chief executive Piyush Gupta said last month that the bank will slowly take capabilities it builds in India and add them to its Singapore operations.

This means Singapore consumers can look forward to banking entirely on their phones, without even needing their laptops to go online.





http://www.theindependent.sg/piyush-...-to-hyderabad/

DBS Bank plans to add 1500 jobs in Hyderabad as part of its digital strategy

May 19, 2016

One thousand five hundred jobs will be farmed out to DBS’s technology hub in Hyderabad over the next two years said Piyush Gupta in a press statement earlier this week.

“The new facility will be our largest tech hub outside our home market of Singapore. India was a choice market for this investment given its enabling ecosystem for technology innovation and access to a wide global talent pool,” DBS Group Chief Executive Piyush Gupta said.

DBS Bank has created a wholly-owned subsidiary in India, DBS Asia Hub 2, for this purpose and according to a filing with the Stock Exchange of India, the initial paid-up capital stands at Rs. 70.5cr (SGD 15M).

There are growing concerns that this move will trigger a trend towards outsourcing of our jobs to countries with lower costs structures in the name of efficiency.

“This is going against the grain,” said a local business owner who has been providing technical talent to DBS. “I thought the government was supporting local PMETs. But this move suggests that the government is not sincere about the promises it makes to the local businesses. Maximizing profits is the order of the day!” said Mr Rao.

The announcement was rather muted in the local media in Singapore, which is another cause for concern, said Mr. Rao.


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