The shakeout in the once-booming wealth management industry across Asia gathered pace after SG Private Banking, a leading player in the region, announced layoffs on Friday.

The shakeout in the once-booming wealth management industry across Asia gathered pace after SG Private Banking, a leading player in the region, announced layoffs on Friday.

The bank, an arm of France’s Societe Generale, said that it was cutting staff in Asia, excluding Japan, in a realignment of its operations “in line with current market conditions, opportunities and development strategy.”

Less than 10 percent of staff will go, a SG spokesperson in Singapore stressed. She didn’t comment on industry reports that some remaining staff would face salary cuts.

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