Digital Disruption: Banks & Financial Institutions Cut Workforce

Our preliminary research pointed to significant decline of workforce in Indonesian banks and financial institutions last year. Bank Danamon (BDMN), for example, cut its permanent employees by 2,322 or 7.26% to 29,628 people last year. Number of non-permanent employees also fell sharply by 5,287 or 43.8% to 6,782. So, Danamon, which is also parent of Adira Multifinance (ADMF), let go 7,609 workers last year alone.

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Corporate Actions & Results

State-owned steel producer Krakatau Steel (KRAS) plans to boost its export this year and next year amid the improving steel price and stronger U.S. dollar. Steel price jumped 260% to US$562/mt in 2017 from US$216/mt in 2016. While domestic issue would be uncertainty connected to political events (general election in 2019, and this year’s regional elections).

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