Banking giant HSBC cut over 100 jobs in Singapore in one of the largest restructuring exercises by the bank here, local daily Straits Times reported on Tuesday.
This represents just over 3 percent of HSBC's 3,000-strong workforce 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.
The bank had sent out a notice earlier to inform the staff members of the imminent job cuts.
HSBC declined to comment on the number of layoffs but a spokesman was quoted as saying "We have said globally we are proceeding with our efficiency program. We are restructuring our business 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 job cuts were part of HSBC's global cost-cutting program announced by group chief executive Stuart Gulliver in May last year. It is expected to slash 30,000 jobs worldwide to improve on capital deployment and cost efficiency.