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DBS CEO Tan Su Shan Open to ‘Bolt-On’ Acquisitions and Focused on High-Return Businesses

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DBS Group’s incoming CEO, Tan Su Shan, has expressed openness to “bolt-on” acquisitions as part of her strategy to boost the bank’s high-return businesses, particularly wealth and transaction banking. Tan, who will become DBS’ first female CEO and the first appointed from within the bank, will succeed Piyush Gupta on March 28.

Currently the deputy CEO, Tan has been with DBS for 15 years and will take on the leadership role at a time when the bank is posting record annual revenue and profits. However, she will need to navigate global economic and market volatility, including geopolitical uncertainties and potential policy shifts. “We recognize that there will be significant uncertainty in the macroeconomic environment,” Tan said, emphasizing the importance of scenario planning and targeted early warning triggers.

While DBS has a strong presence in Singapore, Hong Kong, India, China, Taiwan, and Indonesia, Tan aims to strengthen the bank’s operations in its existing markets. She emphasized the importance of focusing on these areas rather than expanding too quickly. “We are only interested in bolt-on deals rather than large-scale M&As,” she explained, adding that acquisitions would need to align with DBS’s strategy and offer clear value.

Additionally, Tan is committed to upskilling the bank’s workforce, with a focus on AI and data-related skills. Approximately 13,000 staff members are targeted for upskilling or reskilling, with 10,000 already in training. DBS has also appointed Derrick Goh as its new Chief Operating Officer, effective April 1, to oversee both operations and transformation.

Haitian Immigrants Fuel Springfield’s Growth Amid US Presidential Debate

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The influx of Haitian immigrants into Springfield has not only reshaped the struggling Midwestern industrial city but also placed it at the center of a national debate. Since 2022, immigrants like Rose Joseph and Banal Oreus, who followed different migration paths, have contributed to Springfield’s workforce. Joseph, who arrived in 2022, works in an Amazon warehouse and assists with seasonal tax preparation. Oreus, after an eight-year journey through Brazil, Portugal, and Mexico, reached Springfield in 2023 to join family and now works in manufacturing and supports newcomers with immigration services.

The arrival of up to 15,000 Haitian immigrants has offered both hope for economic revitalization and growing pains for the city. Springfield, with a population of 58,000, has experienced rising enrollment in Medicaid and food assistance programs, increased rents, and even vehicle accidents. However, local police data contradicts claims of increased crime tied to the immigrant community, despite false narratives circulating during the recent presidential debate. Republican candidate Donald Trump, alongside his running mate JD Vance, has falsely linked Haitian immigrants to crimes, including baseless allegations of violence and pet harm. City commissioners and local police have dismissed these claims, emphasizing the legality and contributions of the Haitian community.

The city’s economic landscape has shifted due to the growing population. Rents rose sharply between 2022 and 2023, but the housing market has since stabilized. Wages have seen significant growth, especially in response to the tight labor market, and although recent hiring has slowed, Springfield’s economy has benefited from the increased workforce.

Despite tensions, local leaders and business officials view the Haitian presence as a long-term asset. Springfield’s mayor, Rob Rue, acknowledges the current challenges but remains optimistic about the city’s future. Efforts are underway to find additional resources for public services and provide language assistance, as Haitian immigrants continue to play a vital role in filling job openings in manufacturing and distribution sectors.

While Springfield’s housing crisis predated the arrival of Haitian immigrants, signs of recovery are emerging with new housing developments, the revival of downtown real estate, and investment interest from the broader region, including the Intel chip plant near Columbus.

 

Singapore Unveils Unemployment Support Scheme in Landmark Policy Shift

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In a significant policy shift, Singapore has announced the introduction of an unemployment support scheme, marking a departure from its long-standing resistance to welfare policies. The scheme, named the SkillsFuture Jobseeker Support, was unveiled by Prime Minister Lawrence Wong during his National Day Rally speech. It aims to assist lower- and middle-income workers who are involuntarily unemployed, offering financial support of up to SG$6,000 (approximately $4,561) over a six-month period.

To qualify for the scheme, workers must actively participate in job training, career coaching, and job matching services, as part of the government’s emphasis on self-reliance and continuous skill development. The initiative is managed by Workforce Singapore, the workforce development agency under the Ministry of Manpower, and is specifically targeted at Singapore citizens who previously earned an average monthly income below SG$5,000.

This policy represents a notable shift for Singapore, which has historically avoided unemployment benefits due to concerns that such schemes might discourage work and foster dependency. The city-state has instead focused on policies like Workfare, introduced in 2005, which provides income top-ups for low-wage workers who remain employed. Wong emphasized that the new unemployment support scheme is designed to avoid the pitfalls seen in other countries where generous benefits have led to prolonged unemployment.

Singapore’s approach under this new scheme reflects a balance between providing necessary financial support and ensuring that beneficiaries remain proactive in their job search efforts. The government has yet to announce the exact date when the scheme will come into effect, but it signals a significant evolution in Singapore’s social policy framework, as it seeks to adapt to changing economic realities while maintaining its core principles of self-reliance and personal responsibility.