Business | Banking
HSBC to cut 1,100 jobs worldwide amid market turmoil
London-based banking giant HSBC Holdings is cutting 1,100 jobs worldwide, a spokesman said on Friday.
- Agencies
- Published: 15:02 September 26, 2008
Hong Kong: London-based banking giant HSBC Holdings is cutting 1,100 jobs worldwide, a spokesman said on Friday.
"We've taken the action because of the current market conditions, the economic environment and our cautious outlook of 2009," said spokesman Gareth Hewett.
Half of the job cuts will be taking place in the United Kingdom, Hewett said. He said those affected by the cut have been informed.
HSBC operates in Europe, Asia and the Americas and has a 335,000-strong work force globally.
Peter Wong, the banking group's executive director for Hong Kong and China, did not rule out the possibility of further layoffs.
"The financial environment is difficult now. It's nothing extraordinary that some staff have to leave our operations," Wong told Cable TV. "I think this kind of action will continue to come in the financial sector."
Business Editor's choice
-
‘Wrong Way' Krugman
The source of our economic malfunction lies with government-mandated bank regulations
-
Greek exit could make Eurozone stronger
Departure will show limits of bailouts and allow remaining members to act much more like a unit
-
UAE upholds values of free trade
Recently released statistics confirm an established fact, namely that of the UAE embracing the free trade principle in general and imports in particular
