AXA Singapore has reportedly retrenched over 20 staff whose roles have been made redundant following the firm’s acquisition by HSBC earlier this year.

According to a report by The Straits Times (ST), the retrenchment exercise began on Thursday (Sep 1) and continued into Friday. Those affected were said to have come from different departments, including telemarketing and legal.

 A HSBC Life spokesman was quoted as saying: “A small number of roles will be impacted. Our priority is to support colleagues through reskilling and redeployment opportunities within the wider HSBC Group. We have announced plans to hire 5,000 wealth roles in Asia by 2025.”