HSBC Plans to Cut 3,000 Jobs in Hong Kong Over Three Years
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HSBC Holdings Plc, Europe’s largest bank, plans to cut about 3,000 jobs over the next three years in Hong Kong, or 13 percent of its staff in the city, as part of global efforts to reduce costs and boost profitability.
The London-based bank is seeking to become more efficient and will redeploy people whenever possible, a HSBC spokeswoman who declined to be identified citing company policy, said by telephone yesterday. HSBC employs 23,000 people in Hong Kong.