Wells Fargo, America’s fourth-largest bank by assets, has been working on a plan to move its Asian regional hub from Hong Kong to Singapore as part of wider restructuring efforts, reported the Financial Times.
The move comes as the bank is drastically cutting costs and during a tumultuous time for Hong Kong, said the FT.
The plan would involve slowly building up Singapore as Wells Fargo’s Asian hub through a mixture of new hires and redundancies in Hong Kong, according to four people with knowledge of the matter. It would still maintain a presence in the territory.
Previously, Wells Fargo staff who were responsible for covering the Asia-Pacific region had been based in Hong Kong, but now many of these jobs are being advertised on its website as either being based in Singapore or offering a choice between the two locations, reported the FT.