HSBC Dismisses 800 Workers in Brazil Unit, Union SaysFrancisco Marcelino and Giulia Camillo
HSBC Holdings Plc, which posted a 56 percent decline in profit from Latin America this week, dismissed about 800 employees at its Brazil unit, according to the bank workers’ union.
The job cuts took place in the past three days, the union in Sao Paulo said in an e-mailed statement. The union organized a protest today, which it said will continue until the London-based lender reinstates the workers.
A press official for HSBC in Sao Paulo declined to comment, according to an e-mailed statement.
HSBC’s third-quarter earnings from Latin America fell to $96 million, while pretax profit for the entire bank rose 1.8 percent to $4.61 billion, the company said this week. The lender is Brazil’s seventh-largest by assets, with 163.3 billion reais ($64 billion), according to the nation’s central bank.
HSBC had 21,911 employees in Brazil at the end of June, according to the unit’s latest financial statement.