No plans for layoffs; HK$1.5 billion investment in Greater China to continue: OCBC’s Helen Wong

[SINGAPORE] OCBC has no plans to implement “major” layoffs despite macroeconomic uncertainties arising from US tariffs, said the bank’s group chief executive officer Helen Wong on Friday (May 16).

“We’re growing, so why would we be thinking about letting people go?” she said.

While there is always some “natural attrition” – which the bank may use to rebalance its workforce – Wong stressed that there are no plans for a “major change” in how OCBC hires and manages staff.

Separately, the bank’s HK$1.5 billion (S$248.8 million) investment into Greater China will continue as planned.

The three-year programme – now at its midway point in terms of spending – focuses on technology and workplace enhancements across China, Hong Kong, Macau and Taiwan.

The investment, first announced in May 2024, aims to modernise OCBC’s technology platforms, digital channels and product offerings in the region.

Wong was speaking at OCBC’s annual Greater China media briefing in Hong Kong.

Revenue for the lender’s Hong Kong and Macau operations rose 14 per cent year on year to HK$1.9 billion in the first quarter ended Mar 31.

Wealth management also saw momentum, with assets under management (AUM) rising 20 per cent year on year and related revenue climbing 25 per cent. OCBC does not typically disclose market-specific AUM figures.

Friday’s update follows OCBC’s first-quarter earnings announcement a week earlier, when the bank reported a 5 per cent fall in net profit to S$1.9 billion.

Market volatility

Despite the current market turbulence, OCBC sees opportunities in the current wealth management landscape, said Wong.

“I think it can be a misconception that when the market is very volatile, when the sentiment is really bad, it’s bad for our business,” said Rickie Chan, head of private banking for Greater China, Bank of Singapore (BOS), and CEO of its Hong Kong branch.

BOS is OCBC’s private-banking arm.

In the first quarter, the number of premier banking clients in Hong Kong and Macau rose more than 30 per cent from a year ago. Growth among mainland Chinese customers was even sharper, exceeding 60 per cent.

Chan noted that in a bull market, clients can earn 30 to 50 per cent returns without advice, which diminishes value-add provided by private bankers.

“(But) I think it’s exactly the time that when they are confused, when they are uncertain, where we can come in and add a lot of value,” he said, referring to volatility caused by US tariffs.

Such environments offer an opportunity to educate clients on portfolio diversification and the benefits of professional wealth management, Chan added. “I think we don’t want to waste a crisis; we don’t want to waste an event like this.”

Shares of OCBC were up 0.2 per cent or S$0.03 at S$16.27 as at 4.43 pm.