The Bank Of America is to transfer back office jobs from Hong Kong and Singapore to a new operations centre at Guangzhou in southern China to take advantage of lower costs on the mainland, according to press reports.
Bank of America will cut 60 jobs in Hong Kong and eight in Singapore over the next year.
The new centre will support trade finance business generated by the bank's Singapore and Hong Kong branches and is expected to employ more than 100 staff.
Labour costs on mainland China are cheaper than in places like Hong Kong and Singapore. HSBC Holdings has also announced plans to cut 330 jobs in Hong Kong and create new ones in Shanghai and Guangzhou.