SINGAPORE (Reuters) – The CEO of Singapore’s biggest bank, DBS Group, Tan Su Shan, said on Thursday that businesses have to brace for heightened volatility and uncertainty triggered by U.S. President Donald Trump’s tariffs, and transform how they operate.
Tan took over as CEO of DBS – also Southeast Asia’s biggest bank by assets – in March this year, and while the bank posted record annual revenue and profit last year, she faces near-term challenges of global economic and market volatility.
Addressing a gathering of over 300, mostly business leaders, Tan was among the first major Asian banking heads to provide guidance to clients on the challenges brought about by Trump’s announcement of reciprocal tariffs on most countries on April 2.
“Short term, I say buckle up. Be prepared…for uncertainty,” Tan said, in a speech seen by Reuters, highlighting potential for volatility in interest rates, foreign exchange rates, and supply chain challenges.
Deputy Prime Minister Gan Kim Yong was also present at Thursday’s event, the first such following the establishment of a new taskforce – which he chairs – that the government has set up to help businesses and workers.
Over the longer term, Tan said businesses would have to find new supply chains and markets for their products, and become more strategic and nimble in terms of logistics and inventory management, finance, payments, and technology.
“The reality is that it is not business as usual anymore. We have to think about the new world order more strategically,” she said.
(Reporting by Yantoultra Ngui; Editing by Rachna Uppal)
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