A source said the bank is expected to slash about 1,000 positions, with redundant employees to be notified by the end of next month.
Thiam began a strategy review after taking over on July 1 and signalled he wanted to focus on banking for the world's wealthy, particularly in Asia, and move away from riskier securities.
Asian money today accounts for a far greater proportion of capital in global property markets than a decade ago – and the flow does not appear to be abating, particularly into prime assets in tierone cities.
Wealth managers are looking to attract young professionals earning more than S$6,000 a month, hoping that as their careers develop, they will eventually upgrade to more premium banking services.
The fund, which will track a hedged version of the CSI 300 index, will mitigate its exposure to the Chinese currency using one-month forward contracts on offshore-traded yuan.