Thursday, April 23, 2009

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HSBC fires 100 more

A new wave of firings is feared at financial institutions in Hong Kong after HSBC axed 100 staff from its private-banking division.

Changing market conditions were yesterday blamed for the decision to slash about 8 percent of 1,200 staff at the local unit. A Hong Kong-based HSBC spokeswoman said the cuts followed "a review of the business to ensure it remains competitive and well-placed to serve its clients."

Job losses were across-the-board, affecting both frontline and support staff. They were also broad-based in terms of seniority, ranging from administrative staff to management.


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