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Nov 20, 2008

FT.com / Companies / Banks – HSBC in fresh job cuts in Hong Kong

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HSBC plans to cut 500 jobs overall in Asia, two months after the banking giant shed 100 staff in the region as part of a shake-up of its global banking and markets division.

The latest job losses, centred on Hong Kong, will span global banking and markets, commercial banking and personal banking, and underscore HSBC’s belief that the financial market turmoil has spread to businesses and consumers in the real economy.

In an e-mail to HSBC’s Hong Kong staff, Peter Wong, an executive director, blamed the move on “deteriorating economic conditions” and the bank’s “cautious outlook” for 2009.

via FT.com / Companies / Banks – HSBC in fresh job cuts in Hong Kong

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