HSBC to cut 500 jobs in Asia as slump takes toll

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Hong Kong, Nov 18: HSBC plans to cut 500 jobs in Asia due to the global economic slump, 90 per cent of which will be in Hong Kong, due to deteriorating economic conditions and its cautious outlook for 2009, spokesman Gareth Hewett said on Tuesday, Nov 18.

"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. This will be HSBC's second round of layoffs in the region. In September, HSBC said it was cutting 1,100 jobs in its investment banking operation, or 4 per cent of the unit's total, including about 100 in Hong Kong, where the bank's Asian unit is based. The 450 Hong Kong jobs that will be cut represent 2 per cent of the bank's workforce in the city.

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