British banking group HSBC is set to reduce its headcount by more than 4,000 as part of a restructure.
The layoffs will be targeted at employees holding senior positions.
The affected employees constitute nearly 2% of the bank’s total headcount.
No other details regarding the move were revealed.
According to Reuters, the move will cost the bank $650m-$700m in severance expenses.
However, HSBC is said to remain committed to Singapore.
HSBC chairman Mark Tucker was quoted by the news agency as saying: “Singapore is one of eight strategic countries that we are investing in.
“We are putting focus and support to the business, and it remains key to our overall Asian and Southeast Asian ambition.
“So Singapore is very much part of the future, part of the growth of the group.”
The latest announcement coincides with the resignation of HSBC CEO John Flint, who will be replaced on an interim basis by global commercial banking CEO Noel Quinn.
While announcing Flint’s departure, Tucker stated: “In the increasingly complex and challenging global environment in which the Bank operates, the Board believes a change is needed to meet the challenges that we face and to capture the very significant opportunities before us.”
Last month, German lender Deutsche Bank too unveiled plans to slash 18,000 jobs in an effort to boost profit margins.