KUALA LUMPUR, Nov 5 (Bernama) -- Bursa Malaysia closed higher, buoyed by Bank Negara Malaysia’s (BNM) decision to maintain the Overnight Policy Rate (OPR) at 2.75 per cent, alongside positive cues from Wall Street. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) rose 19.30 points, or 1.19 per cent, to 1,635.86 from Wednesday’s close of 1,616.56. The benchmark index opened 6.72 points higher at 1,623.28, and fluctuated between an intraday high of 1,642.44 and a low of 1,622.62 during the trading session. However, market breadth was negative, with losers outnumbering gainers 723 to 497, while 466 counters were unchanged, 1,075 untraded and 10 suspended. Turnover rose to 3.74 billion units valued at RM3.61 billion compared with yesterday’s 2.81 billion units valued at RM2.57 billion.
Citigroup Inc. has reduced its workforce in Singapore by approximately 500 employees as part of a global restructuring effort, according to a report by the Straits Times on Monday. The bank now employs around 8,000 full-time and contract staff in Singapore, down from 8,500 in October. Key Takeaways: • Reduction in Workforce: The reduction is part of a broader strategy to streamline operations by eliminating management layers and roles focused on the Asia Pacific region. • Operational Streamlining: Tibor Pandi, Citi’s Singapore country officer, stated that the restructuring aims to simplify governance, reduce management layers, and expedite decision-making processes. • Strategic Hiring: Despite the reduction, Citi Singapore plans to hire more staff for its expanding wealth business and commercial banking division to support companies growing in the region. Key Risks: • Impact on Morale: Workforce reductions could potentially affect employee morale and produ...