Showing posts with label HSBC. Show all posts
Showing posts with label HSBC. Show all posts

Saturday, April 25, 2009

HSBC uncertain about raising headcount in India this year

Global financial services provider HSBC Group has said it is not contemplating to hire people in India in the current year, having increased its workforce by 5,000 during 2008.

"I am not sure whether we will increase it (headcount) this year," HSBC Holdings Plc Group Chairman Stephen K Green said, when asked whether the global banking major was planning to raise its headcount in the country.

During 2008, the UK-based group had added 5,000 staff which raised the total headcount to 37,000, said Green, who was on an official visit to India last week.

He, however, said "it (India) is largest out of all countries we employ after the UK."

India contributed to around seven per cent to the Group's overall profit during 2008.

On the job-cut, HSBC India Chairperson Naina Lal Kidwai said the bank had not enforced any job cuts in India, but announced redundancy.

Asked about further investment plans in the country, Green said the group has been investing in the country and will continue to invest.

Tuesday, March 3, 2009


HSBC to cut more than 6,000 U.S. jobs

European bank HSBC is shuttering hundreds of branches in the U.S. that specialize in mortgage and consumer lending, and axing thousands of jobs, as it pulls back from its foray into the American housing market.

HSBC (HBC) said on Monday that it will cut 6,100 jobs in the U.S. and close its HFC and Beneficial bank branches. HSBC spokeswoman Kate Durham said the approximately 800 branches of HFC and Beneficial banks specialized in consumer and mortgage lending and are spread throughout the U.S.

As of Monday, these branches are no longer offering loans, she said, and employees are starting to receive their 30-day notices.

Thursday, December 4, 2008

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More financial services IT jobs cut


IT Job cuts in the UK financial services sector are continuing as companies get themselves ready for worsening economic conditions.

HSBC will cut another 500 jobs and Swiss banking giant credit Suisse has announced 650 UK jobs to go. Both announcements include IT jobs cuts.

Banks have been reducing staff numbers. They see IT and back office functions as surplus to requirements when business levels fall.

HSBC cut 1,100 jobs in its investment banking division in September including 500 front and back office jobs in London.

Credit Suisse, which made a loss in the third quarter of this year of £704m, has announced 650 job cuts including IT support functions.

"Due to market conditions and projected staffing levels required to meet client needs, we are reducing headcount by approximately 650 in the UK," said Credit Suisse.

Citigroup plans to cut its global workforce by 52,000 jobs across all businesses and geographies in the near future. Citigroup CEO Vikram Pandit revealed last month that the bank would cut 20% of its employees at the group.

A Citigroup spokeswoman said half of the job cuts will come from the sale of business units. The company had earlier announced 18,000 job cuts when it sold its Global Services unit in India to Tata Consultancy Services for £300m.

Pandit said earlier this year that it was feasible for the bank to take 10%, 15% or 20% off its cost base, especially in IT and operations.

The Royal Bank of Scotland (RBS) is expected to make thousands of job cuts as it comes to terms with the economic slowdown. According to various reports last month, up to 3,000 jobs will be cut in the bank's global banking and markets divisions.

Barclays is also expected to cut IT jobs at its FirstPlus loans business as it closes to new business. It will keep its IT infrastructure to process existing customer loans, but is scaling it back.