Sacombank and VPS Securities have both cut staff sharply in 2026, according to third-quarter figures reported by VnExpress. Sacombank and its subsidiaries had about 12,550 employees at the end of September, more than 4,260 fewer than at the start of the year. That 25% drop leaves the lender with its smallest workforce since 2014. VPS Securities, which leads brokerage market share on all three stock exchanges, ended the quarter with 1,635 staff after cutting 286 in the third quarter alone.
Sacombank: an overhaul and a profit slump
The parent bank alone had about 11,560 employees, 27% fewer than at the start of the year, according to Sacombank's consolidated third-quarter financial statements. The latest cuts follow heavy reductions in the first half and come during a sweeping restructuring that began after Nguyen Duc Thuy arrived at the bank.
Profits have suffered as the bank stepped up provisions for credit risk. Nine-month pre-tax profit was nearly 5,900 billion dong, down more than 46% from the same period of 2025. Total assets topped 1 million billion dong at the end of September, up 15% from the start of the year, and unlike many peers, Sacombank grew deposits faster than lending. Its bad-debt ratio rose from 6.41% at the start of the year to 7.33%.
The bank has also changed its leadership, branding and address this year:
- April 2026: the shareholders' meeting moved from Ho Chi Minh City to Phu Tho, the first since Thuy joined and became general director. Afterwards the board made him standing vice chairman, in charge of strategy, senior governance and long-term direction.
- Early June 2026: the bank's Vietnamese name changed from Ngân hàng Sài Gòn Thương Tín to Ngân hàng Sài Gòn Tài Lộc, and its head office moved to a new site on Nguyen Thi Minh Khai in Ho Chi Minh City.
- End of September 2026: headcount at its lowest since 2014.
VPS: brokerage revenue down nearly 70%
VPS's 1,635 staff at the end of September is about 240 fewer than at the end of 2025 and nearly 1,000 below the level of mid-2022. It remains among the largest employers in the industry, but its lead over the firms behind it is narrowing because of the cuts.
Third-quarter brokerage revenue fell nearly 70% year on year, from more than 1,520 billion dong to 485 billion dong, even though VPS still holds the largest brokerage share on HoSE, HNX and UPCoM. In its business report, management wrote that keeping the top spot in market share showed the firm's competitiveness and customer loyalty, even as revenue came under pressure from market liquidity.
Margin lending kept overall results growing. It brought in nearly 950 billion dong in the third quarter and nearly 2,930 billion dong in the first nine months, double-digit growth from a year earlier despite high interest rates. VPS reported pre-tax profit of nearly 1,120 billion dong for the quarter and more than 4,040 billion dong for nine months. It has charter capital of nearly 24,350 billion dong and about 1.62 million customer accounts, nearly 100,000 more than at the end of 2025.
The two firms by the numbers
| Indicator | Sacombank | VPS |
|---|---|---|
| Staff at end of September 2026 | About 12,550 (including subsidiaries) | 1,635 |
| Cuts | More than 4,260 (25%) in nine months | 286 in the third quarter |
| Nine-month pre-tax profit | Nearly 5,900 billion dong, down more than 46% | More than 4,040 billion dong |
| Figure to note | Bad-debt ratio of 7.33% | Third-quarter brokerage revenue down nearly 70% |
Why securities firms churn staff
Citing a 2026 salary survey, Nguyen Thi Quynh Phuong, HR solutions director at HR services firm Talentnet, said securities is among the sectors with the highest staff turnover in the labour market, according to VnExpress. Most of the industry's workforce is on the front line in sales and brokerage, with jobs tied directly to sales targets (KPIs). Those who miss their targets are easily let go or move to rival firms, she said.
Incomes are falling too. The Talentnet representative said positive news about upgrading Vietnam's stock market has yet to show up in firms' actual results. With the market quieter and tougher than forecast, securities companies have had to trim their budgets for base pay and bonuses.
What to watch
For Sacombank, asset quality remains the main pressure: the bad-debt ratio has climbed to 7.33%, and heavier provisioning is why nine-month profit fell by more than 46%. The restructuring, with Thuy directly in charge of strategy, is still under way.
At VPS, management acknowledges that revenue is under pressure from market liquidity, which leaves margin lending as the main profit driver. More broadly, Talentnet's survey shows securities firms trimming base-pay and bonus budgets for their staff.