FGB informed employees about the plan last week, Reuters quotes sources familiar with the matter as saying.
"As part of a recent reorganisation, the bank has reduced a number of roles in its consumer banking operation. This reduction in the workforce underlines the bank's commitment to managing its costs in a prudent and sustainable manner," the bank said in a statement cited by Reuters.
The bank will cut nearly 80 jobs at its bancassurance division and about 120 jobs at its credit card business, Reuters quoted one banking source familiar with the plan as saying.
The job cuts were part of a broader restructuring in which FGB was streamlining operations and removing excess staff in certain departments, according to a second banking source cited by the newswire. FGB plans to strengthen its investment banking division and has been making targeted hires to beef up that department, Reuters quoted the source as saying.
"There is a restructuring exercise going on and the management feels they have deployed excess resources in certain areas. They are refocusing efforts and you see them hiring more on the investment banking side," the source told Reuters.