Wednesday, September 23, 2020
 
Columnist
Martin Hennecke

Loans growth slows for DBS Hong Kong
 
16/09/2020
 
<p>DBS Bank Hong Kong recorded low single-digit growth in loans during the first half of the year due to lower demand amid the pandemic and the lender expects mid single-digit growth for the whole year.</p><p>Revealing the news, Alex Cheung, managing director and head of institutional banking also forecast there will be rising overseas financing demand from mainland companies in the second half this year.</p><p>Cheung said that since May, DBS has approved principal waivers on loans worth HK$40 billion to around 20 percent of its local corporate customers. The amount accounted for over 10 percent of the bank&#39;s total loans, he said.</p><p>Meanwhile, Citigroup will resume job cuts this week, joining rivals such as Wells Fargo in ending an earlier pledge to pause staff reductions during the pandemic.</p><p>The cuts will affect less than 1 percent of the global workforce and with recent hiring, the overall headcount probably won&#39;t show any drops, it said.</p><p>The lender had roughly 204,000 employees at the end of the second quarter.</p>
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