The Hongkong and Shanghai Banking Corporation (HSBC) bank, has announced that it is going to axe around 4,000 jobs globally. This massive downsizing will include a large number of executive-level professionals.
The bank, however, said that “Singapore business will still remain the key to its growth”.
“The bank will axe 2 percent of its workforce, or roughly 4,000 jobs, as part of a new restructuring exercise aimed at weathering global turmoil,” the bank said on Monday.
As of December 2018, HSBC had 2,35,217 employees, as per its latest annual report.
Chief Financial Officer, Ewen Stevenson, said the jobs cut will target more senior ranks. In the first-half earnings conference call. He also added that HSBC will pay out a total of USD 650 million to USD 700 million in severance costs, as reported by a business website.
“Singapore is one of eight strategic countries that we are investing in,” said chairman Mark Tucker in a call with media.
“We are putting focus and support to the business, and it remains key to our overall Asian and Southeast Asian ambition. So Singapore is very much part of the future, part of the growth of the group,” he said.
Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔ www.eletsonline.com/subscription/
