SUBSCRIBE: Newsletter

Human Resources



HSBC to establish new company, denies outsourcing jobs

Human Resources Online is heading to Bangkok with the Accelerate HR conference on November 26-27.
HR leaders from Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more have already confirmed to speak.
Early-bird tickets are still available.

After cutting jobs and slashing pay and bonuses earlier in the year, HSBC announced another restructuring yesterday.

According to The Standard, the bank is going to establish a new company and plans to transfer staff from its global, operation, services and technology departments in Hong Kong to the new company.

The transfer is expected to take place during the first half of next year. The number of staff members included in the transfer is unknown. The bank stressed that it is not a move to outsource or cut jobs.

The bank pledged there will be no changes to salaries, benefits and job descriptions of those affected by the move.

In an internal memo seen by The Standard, the bank explained the new structure is designed to meet the requirements of regulatory bodies towards big banks.

The memo also mentioned the new structure will work to ensure the company’s banking business will remain in operation even if one of its operations faces financial problems, although it is highly unlikely such circumstances will occur.

Human Resources magazine has reached out to HSBC for comment.

ALSO READ: HSBC Malaysia allegedly forcing lower-income workers to leave

Photo/ 123RF

Uncover and learn about complex HR innovation tools and strategies at Accelerate HR from Thailand's largest employers including Agoda, DKSH, Fonterra, FWD, Kasikornbank, Minor Food, Nissan Motor and more.
Happening in Bangkok on 26-27 November, early-bird tickets are still available.

Read More News

in Singapore by

Wedding catering 101

Sponsored: With more than 300 caterers in the market, the million dollar question is who to engage for your wedding?..