At least six from key financial institutions SG Securities, Nomura Asia, and WestLB have lost their jobs after the September 11 attacks on the United States, the latest casualties of a world-wide banking industry contraction.

More job cuts are expected in the months ahead, industry sources said.

"We've been writing lots about the economic downturn and unemployment lately, and now we are having first hand experience of it," said one regional economist, who was recently laid off.

"Some brokerages have decided that macro economists do not contribute much to the bottom line in this kind of environment. They would rather strengthen their corporate and industry research," said the economist, who declined to be named.

The job cuts represent a small percentage of the wider cuts in the industry, but they are high profile because Singapore is Asia's major financial hub.

Broking sources said SG Securities in mid-October axed its four-strong Asia economic team in Singapore, headed by the high-profile economist Manu Bhaskaran.

"SG has recently adopted a bottom-up approach in its research and that does not require extensive input from macro economists," one source added, confirming an earlier newspaper report.

The other two economists in Bhaskaran's team -- Arjuna Mahendran and Charlie Lay -- were recently hired by FORECAST Pte, a wholly owned subsidiary of the British-based 4cast.

Bhaskaran declined to comment and SG Securities did not return calls.

PINK SLIP ANYONE?

Nomura Asia also gave a pink slip to its economist who covered the Singapore, Malaysia and Thailand markets last month as part of its regional restructuring, a company spokesman in Hong Kong said.

Another economist, who specialised in Indonesia, had left the company earlier.

WestLB officials said they would not be replacing Syetarn Hansakul, an economist, who resigned from the bank at end of October on her own accord to spend more time with her family.

J M Sassoon had earlier this year closed its economic research unit.

But some major financial companies said their global job cut schemes will have a limited impact on their Singapore operations.

JP Morgan Chase, which has announced it will cut at least 5000 jobs globally this year, said its plan was likely to have only a small impact on its Singapore office.

"Singapore is becoming very important to us. We have made it our investment banking hub and have in fact strengthened our investment operation there," said Maeve Gallagher, JP Morgan Chase's regional head of corporate marketing and communications.

Citigroup, on the other hand, said it was still hiring.

"Citigroup has about 4,200 employment in Singapore. The number has not changed in any dramatic fashion between the start of this year and now… We continue to hire strategically to fill vacant positions as well as to meet near-term and long-term opportunities," said a Citibank spokesman.