SINGAPORE - United Overseas Bank is freezing the wages of its staff and limiting hiring as it braces itself for the economic fallout from the coronavirus pandemic.
He stressed that UOB will continue investing in and hiring for roles essential to it its strategic priorities. In an internal memo, the bank told senior staff that it expects the situation to worsen before improving when the government cuts some of its support, reported Bloomberg on Tuesday . UOB posted a 40 per cent fall in second-quarter net profit to $703 million, due to weaker income and a surge in provisions set aside to brace for the easing of loan moratoria, UOB chief Wee Ee Cheong told analysts and media at a briefing in August.
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