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Singapore’s OCBC Bank to Lay Off 200

March 6, 2002

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SINGAPORE (AP) _ Oversea-Chinese Banking Corp. will lay off 200 workers Wednesday in the first wave of job cuts to follow a merger with Keppel TatLee Bank last year that created 1,050 redundant positions.

Of the roughly 200 employees who will be let go, about 100 are executives, 80 are clerical staff and members of the Singapore Bank Employees Union, while some are members of the Singapore Bank Officers Association, the Business Times reported, quoting unnamed sources.

The bank is expected to announce the actual number of layoffs on Wednesday.

OCBC acquired Keppel TatLee Bank last year and is the last of the three major local banks to announce layoffs because of consolidation.

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