HSBC, Europe's largest bank by market value, may be the next big bank to announce major staff cuts, when it gives an interim management review in May. The business daily Financial Times says as many as five thousand jobs may go. Western banks have been shedding staff - 3,700 job cuts at Barclays following layoffs at UBS, Morgan Stanley, Lloyds and Deutsche. Although Asian banks have held on to staff until now, some say a fresh round of redundancies is approaching. SMU Vice President (Business Development & External Relations) and Associate Professor of Finance Annie Koh said: "You're actually seeing the real hit rate coming in right now because the ballooning of staff cannot be maintained when you do not get sufficient top-line growth in order to still carry on with those headcount." Associate Prof Koh added that the cuts may be less severe at banks which focus on their core domestic business - with jobs at banks looking to manage the funds of Asia's growing middle class, rather than catering to the super-rich.