GXS cuts about 10% of workforce in rightsizing exercise

Digital bank GXS is cutting 82 jobs or about 10 per cent of its workforce across the group.

This exercise is part of the group’s transition from the early growth stages of building a bank to running the operations, GXS CEO Lai Pei-Si said in a note to the company. The cuts are spread across subsidiaries GXS Bank in Singapore, GX Bank in Malaysia and its tech centre in India.

“The roles that are essential as we move forward and focus on running the bank may be different from our build phase,” said Lai.

These cuts were done after a strategic review to identify roles critical for the next phase. GXS had tried to allow attrition to streamline its operations and only filled roles deemed essential for the years ahead.

“However, the pace of organic re-shaping has been slower than expected,” said Lai.

The roles that have been made redundant are based on the strategic review and not on an individual’s performance, she added.

SEE ALSO

GXS will provide extended medical coverage for 3 months, career transition support and counselling services. Severance, goodwill payments and garden leave to find a new job will also be extended subject to prevailing market standards.

This move comes after GXS reported net interest income growth for FY2024 to S$30.2 million from S$15 million in FY2023. Losses widened to S$214.3 million from S$208.2 million.

Decoding Asia newsletter: your guide to navigating Asia in a new global order. Sign up here to get Decoding Asia newsletter. Delivered to your inbox. Free.