Asian banks on firing spree?

With growing job losses in major cities, warning bells of more cuts ring.

A Reuters report said, “Despite the importance, job losses are piling up in major cities like Hong Kong and Singapore. Barclays has cut staff in Singapore, according to sources familiar with the matter.”

The report also noted the massive job cuts announced globally by Bank of America and HSBC.

"Swiss bank Credit Suisse is reducing about 20 percent of its staff in the India wealth management unit as part of its global headcount reduction plans amid tough market conditions, two sources with knowledge of the situation said last month," added the report.

Meanwhile a Hong Kong-based executive recruiter focused on the financial industry was quoted by the report as saying, "We're going into a financial crisis. There will be multiple rounds."

View the report here.