RHB is Malaysia's fourth-largest bank with a market capitalization of RM15.7 billion. Similarly, AMMB Holdings Bhd which is commonly referred to as AmBank is the sixth largest bank of the country. Azman Hashim, the 77-year-old person is the AmBank's founder and Chairman who is going to retire soon. Since both these banks are notable lenders to the oil and gas companies, one can be confident about the quality of loans they lend.
The merger of RHB Bank Bhd and AmBank will lead to the formation of one of the biggest lenders in Malaysia. Bank Negara has approved to begin discussions regarding RHB and AmBank merger. RHB would acquire AmBank for US$9 billion or RM38.59 billion. According to Reuters, currently, there are approximately 25,000 employees in these banks.
After the RHB Bank Berhad and AMMB Holdings Berhad's (AmBank) merger, a lot of employees may not be able to get new jobs after losing their current position. This would be because of the prevailing economic conditions according to Yeah Kim Leng, the Sunway University Business School's professor. He is also of the opinion that there is an improvement in the economic conditions but that is not enough to eliminate job challenges.
Finding new jobs in sales sector is quite challenging as the person has to consider a number of factors such as the company he has to work for, the pay he will be getting, the benefits he will be entitled to, etc.
But the laid offs can be put under training so that they can be allocated to sales and other online banking operation jobs as per economics books authors named Yeah and Hoo Kee Ping. This is owing to the fact that most of the bank workers involve tellers and counter operators. As banks require sales force and are training the tellers to do so, this opportunity can be grabbed by the unemployed people who lost their jobs. For this purpose, Hoo even asked these 2 banks to either grant them voluntary separation schemes or else train them for sales jobs.
Hoo finds very good opportunities for such employees if they would be provided training in various potential sectors such as
- online banking,
- wealth management and
- banking insurance investment,
- financial technology (FinTech).
Banks are focussing on online banking and FinTech that has led to the closure of some branches. Such a trend is likely to cause more layoffs. As per Hoo's suggestion, both these banks can concentrate on the non-interest growth sector such as the sales, online services, management of wealth and assets. This would help in decreasing the redundancies. Besides this, the number of job cuts can be decreased if the banks try to leverage the skills and competencies of their employees. They can be engaged in other eminent services such as Islamic banking in other countries, retail and corporate lending.
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