As per reports, Barclays is planning to layoff around 100 employees in Singapore. The employees are from the IT Operations department.
Barclays provided a statement confirming that they will be cutting jobs but did not mention how many staff will be let go.
The move is part of cost reduction efforts at the bank and they will be moving the IT department to India.
Previously, Barclays had a round of layoffs in May 2016, which were also from the IT function. The bank also closed down its Cash Equities activities across Asia this year.
Other banks which laid-off employees in 2016 include Standard Chartered, CIMB, ANZ, UBS, JP Morgan and Nomura.