DBS Bank: US tariffs and Intrerest Rate uncertainty make 2025 a "turbulent year"

On February 10, DBS Bank, Singapore’s largest bank by assets, announced solid full-year results on Monday, with a record high net profit. DBS chief executive Piyush Gupta said the bank needed to remain nimble in response to the “turbulent” 2025 brought on by unpredictable tariffs and monetary policy in the United States. “We’re actually very aware that the Trump administration is likely to weaponize the economy, so there could be changes in tariffs and tax policies and so forth,” Gupta said. Regarding Fed rate cut expectations, he added that DBS initially expected the Fed to cut rates four times in 2025, but in the latest earnings report, this forecast has been reduced to two.