Wednesday, September 7, 2011

HSBC to cut 3,000 jobs in Hong Kong in 3 yrs - HK radio

HONG KONG: HSBC Holdings Plc, Europe's biggest bank, plans to cut 3,000 jobs in Hong Kong over the next three years, Radio Television Hong Kong reported on Wednesday.

The redundancies would mainly involve managerial positions in the firm's back-office operations, the report said, citing HSBC's Asia-Pacific Chief Executive Peter Wong in a memo to employees.

He was cited as saying that the move was necessary to streamline the bank's structure, increase efficiency and reduce costs.

HSBC said last month that it would axe 30,000 jobs globally as it slashes costs and retreats from countries such as Russia, Poland and the United States, where it is struggling to compete.

HSBC officials in Hong Kong were not immediately available for comment. ' Reuters

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