CIMB Singapore has axed three long-time banking heads on Nov 20 as it seeks to restructure its Singapore business, according to The Business Times.

The move to reshape its business portfolios comes amid the bank's poor performance for the first half of 2020.

For the 1HFY2020, the bank's Singapore arm saw losses of RM939 million ($309 million) mainly due to impairments.

The three heads who were fired are Josandi Thor, Yong Jiunn Run and Lai Ven-Li, who head the consumer banking, commercial banking and corporate banking departments respectively.

SEE: Singapore's trade levels look up amid 'better than expected' NODX in Aug 2020 : CGS- CIMB

According to the paper, the move was announced in an internal memo to the bank’s Singapore staff earlier this week.

CIMB Singapore’s CEO Victor Lee, in the same memo, said that letting go of the three heads was a “hard decision”, and that Covid-19, which has severely affected the economy and the bank’s business has forced the bank to “take a hard look at our business model and direction”.

The bank’s new Singapore leadership team will be announced “shortly”, says The Business Times.