HSBC planning 3,000 jobs in Hong Kong


Banking giant HSBC has today announced plans to axe 3,000 jobs at its Asian headquarters in Hong Kong over the next three years.

The reduction in headcount is part of an ongoing global cost-cutting plan after comes shortly after the bank said it would axe 30,000 jobs by 2013.

The bank, which is Europe’s largest, has a global workforce of 335,000 worldwide, with 52,000 in the UK.

It is the latest bank to announce job losses after Lloyds Banking Group has shed 15,000 jobs this year, while Royal Bank of Scotland has axed 28,000 employees since 2010.

HSBC said the cuts were aimed at streamlining operations.

Asia Pacific chief executive Peter Wong, said: “For all of HSBC’s strengths as an organisation… we can be needlessly complex and bureaucratic.”

He added: “This complexity reduces our effectiveness and efficiency. Our best estimate at this time is that approximately 3,000 existing roles will be reduced over these three years.”

The announcement comes shortly after the bank said Hong Kong workers were safe from such measures.

The job losses will be mainly focused on support staff, including those in IT, human resources and administration.

The cuts were criticised by Unions, who described them as “shameful” adding “it is still slashing jobs, despite profits of more than HK$100 billion last year.”

Tags: cost-cutting, Hong Kong, , , programme

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