HSBC Holdings PLC, Europe's largest bank (when market value is considered), plans to cut 500 jobs in Asia due to the global economic slump, says wire service Associated Press. The cuts will be made in various parts of the business, including back office functions, with about 450 jobs in Hong Kong to be shed, the London-based lender announced to employees on November 17.
In September, the bank announced 1,100 job cuts worldwide in the wake of the financial turmoil.
HSBC has been hit hard by the financial crisis. The bank was forced to reduce the value of its assets by $4.9 billion in the third quarter, as the cost of bad loans in the US continued to mount and the credit market faltered.
Image: Overview of the HSBC headquarters in Hong Kong. | Photograph: Mike Clarke/AFP/Getty Images
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