HSBC Holdings, ranked as the Sixth foreign-exchange (FX) bank by market share, has terminated at least 10 foreign-exchange sales personnel in its London and New York offices, The Wall Street Journal reports. Three electronic platform distribution employees in London and New York were laid off.

Additionally, two other foreign-exchange sales workers in New York and five more in London were terminated. HSBC is understood to be making concentrated efforts to increase efficiency which is the likely reason for these job cuts.

Click here for the story from The Wall Street Journal.