Europe’s largest bank, HSBC Holdings, announced today that it will cut 1,100 front and bank office jobs from its global banking and markets operations. Half of these positions will be from the HSBC headquarters in the
United Kingdom
. 100 of the positions cut will be from
Hong Kong
.
This job cut makes up 4% of HSBC’s global banking and markets unit. Its global workforce consists of 335,000 employees.
In the same week that Bradford & Bingley shed 370 jobs, this latest wave of banking redundancies comes as no surprise as firms everywhere try increasingly drastic strategies to save on costs and weather the global economic crisis.
Hong-Kong based spokesman Gareth Hewett commented, “Markets continue to be challenging and difficult but our strategy leaves us well positioned for the next wave of global growth, when it comes.”
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