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WHOLESALE BANKING | Cesar Tordesillas, Singapore
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HSBC Singapore cuts over 100 jobs

HSBC cut over 100 jobs in Singapore representing just over 3 percent of its 3,000-strong workforce in the city-state.

 

It is one of its largest restructuring exercises in Singapore. 

The job cuts were made across different departments and functions such as private banking, marketing and risk management and affected mainly those in executive positions.

HSBC declined to comment on the number of layoffs. 

A spokesman said the bank is proceeding with its efficiency program and is restructuring in Singapore in line with this global drive to become more efficient.

The spokesman said the bank has been "successfully growing our market share in Singapore, particularly in the areas of trade, wealth management and financial markets."

The bank is expected to slash 30,000 jobs worldwide to improve on capital deployment and scost efficiency.

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