Vietnamese bank cuts nearly 2,600 jobs in Q1

According to the bank’s standalone financial report for the first quarter of 2026, its total headcount stood at 13,281 employees at the end of March, a sharp decline of 2,570 staff compared to the previous quarter.

On a consolidated basis, which includes subsidiaries, the workforce shrank by 2,736 employees to 14,080.

The workforce restructuring appeared concentrated at the parent bank, coinciding with the appointment of Nguyen Duc Thuy to a senior leadership role.

Between 2019 and 2020, Sacombank maintained a workforce of roughly 18,000 to 19,000 employees.

Since then, it has reduced its staff by more than 5,000.

Also, the restructuring effort came alongside a notable renaming initiative.

The bank recently changed its official name from Saigon Thuong Tin Commercial Joint Stock Bank to Saigon Tai Loc Commercial Joint Stock Bank.

According to the bank, the name change reflects a broader transformation strategy aimed at enhancing its market position, modernizing its image, and aligning with new development goals.

The lender reported net interest income of over VND6.04 trillion (US$229.5 million) in the first quarter, down nearly 12 percent year on year.

Notably, Sacombank significantly ramped up its provisioning for credit risk to more than VND2.1 trillion ($80 million) this period, nearly 11 times higher than a year earlier.

As a result, its pre-tax profit fell by almost 43 percent to VND2.1 trillion ($80 million).

The bank aims to focus on strengthening financial buffers and increasing bad debt coverage amid rising market uncertainties.

Rather than pursuing short-term profit expansion, Sacombank is prioritizing asset quality and long-term sustainability in an increasingly volatile economic environment.