HSBC to cut 500 jobs in Asia
Wednesday, November 19, 2008 at 3:11 am Under Business News 43 views
HSBC Holdings PLC, Europe’s largest bank by market value, plans to cut 500 jobs in Asia due to the global economic slump. The cuts will be made in various parts of the business, including back office functions, with about 450 jobs in Hong Kong to be shed, the London-based lender announced to employees on Monday.
The bank decided to trim its work force because of “organizational changes in a number of areas as well as the deteriorating economic conditions and our cautious outlook for 2009,” Peter Wong, an executive director for Hong Kong and China, said in an internal message released by the bank.
“In this day and age no guarantees of job security can be given,” he said.
In September, the bank announced 1,100 job cuts worldwide in the wake of the financial turmoil.
HSBC has been hit hard by the financial crisis. The bank was forced to write down the value of its
assets by USD 4.9 billion in the third quarter, as the cost of bad loans in the US continued to mount and the credit market faltered.
( This post is from an independent writer. The opinions and views expressed herein are those of the author and are not endorsed by APakistanNews.Com.)
Business News top stories
-
Sebi team in Hyderabad, Raju untraceable
- This Category's RSS Feed
Even as a Sebi team reaches Hyderabad to investigate India’s enron - the... Read more »
‘Germany plans 100-bln-euro company financing scheme’The German government plans to offer up to 100 billion euros ($137 billion) in help for... Read more »
Shares of family-run cos fall 30% on Satyam fiascoShares of almost all family-promoted businesses today suffered a value erosion of nearly... Read more »
Obama says deficit may approach $1 trillionPresident-elect Barack Obama said on Tuesday he expects to inherit a U.S. budget deficit... Read more »
Andhra to probe Maytas financial positionThe Andhra Pradesh government will probe the financial position of Maytas Infra, promoted... Read more »
Something to say about this news story?









