HSBC has reportedly laid off more than 20 workers in the Axa Singapore unit it bought last year as part of a post-acquisition retrenchment exercise.
More than 20 Axa Singapore employees have been told their roles have become redundant and terminated, according to a «Strait Times» report citing unnamed sources. November 30 will be the last day for the newly laid off workers who have been encouraged to apply for other roles within the company or group.
«A small number of roles will be impacted. Our priority is to support colleagues through reskilling and redeployment opportunities within the wider HSBC Group,» said a spokesperson for HSBC Life, adding that the bank has plans to hire 5,000 wealth roles in Asia by 2025.
Post-Acquisition Outflow
HSBC Insurance announced its acquisition of AXA Singapore in August 2021 and the $529 million deal was completed in early February this year.
Several weeks later, HSBC Life Singapore chief executive Ho Lee Yen said it would take three to six months to assess the impact on AXA employees. Since then, more than 10 employees from various levels have left the firm, the Strait Times report added.
