Grab-Singtel’s GXS bank cuts about 10% of workforce as it moves on from early-stage operations

GXS bank, a digital bank established by Grab and Singtel, is cutting 82 jobs, about 10% of its workforce, as it transitions from early-stage operations to running the bank. The job cuts follow a strategic review to identify critical roles for the next phase. Despite meeting growth milestones, the bank is focusing on streamlining operations. Affected employees will receive severance, medical coverage, and career support. The move reflects a shift in digital banks' priorities in Singapore from customer growth to maintaining deposit bases.