HSBC is looking to save between $80-110m by increasing offshoring, reports E-financial career. It plans to ship 35% of staff in technology, 40% in operations and 25% in finance to lower cost destinations.

HSBC is following the lead of other investment banks by offshoring more IT functions and consolidating trading platforms.

E-financial career says Singapore, already an offshore hub for product control roles, could be the main beneficiary. But India, where HSBC has a large presence may also benefit. The bank plans to increase its revenue to a billion dollars in the country over next three years.