The Wall Street Journal will shift its Asia headquarters from Hong Kong to Singapore.
It will lay off an unspecified number of its current staff in the process, The Business Times reported.
In a letter sent to their staff, the newspaper said the decision was made after other foreign firms have decided to move their operations out of Hong Kong.
"We are shifting our centre of gravity in the region from Hong Kong to Singapore, as many of the companies we cover have done," said WSJ editor-in-chief Emma Tucker.
Tucker also emphasised that the restructuring of the company will involve layoffs from both their Hong Kong and Singapore offices.
"Consequently, some of our colleagues, mostly in Hong Kong, will be leaving us. It is difficult to say goodbye, and I want to thank them for the contributions they have made to the Journal," she said.
The Independent Association of Publishers' Employees, also known as IAPE 1096, said in a statement issued on Mar. 2 that eight reporters from the Hong Kong and Singapore offices have been laid off.
hk01.com reported that the cuts affected more than half the employees in Hong Kong.
A new business, finance and economics group will be created to "break news and write ambitious and distinctive features, analysis and enterprise", said Tucker.
WSJ are looking to appoint an editor to lead the group, with the position based in Singapore.
The newspaper is also looking for people to fill other journalist roles in Singapore and Hong Kong.
WSJ has offices elsewhere in the region, including Tokyo, New Delhi, Beijing, Seoul, Taiwan and Sydney.
Top photo via Zhu Hongzhi/Unsplash and WSJ