Malaysia’s RHB Banking Group is set to slash 1,812 employees and will pay out an estimated MYR309m under the voluntary separation scheme.
The banking group in a statement said that it has given the go-ahead to the applications of 1,812 employees under the Career Transition Scheme (CTS), which was completed on 30 September and only open to its permanent workforce in Malaysia.
The downsizing exercise will be carried out in batches between November this year and January 2016.
The affected employees represent 11.8% of the group’s Malaysian workforce of 15,348 and 13.1% of the group’s permanent workforce of 13,787 in Malaysia.
RHB Banking Group managing director Datuk Khairussaleh Ramli remarked: "The rapid changes to the business environment has made it necessary for the group to embark on our transformation journey to implement our business strategies in order to ensure that the group remains relevant, competitive and resilient.
"These strategies have inevitably had implications on our current level of human capital relative to our business requirements."