More IT job cuts at HSBC

After laying off 120 IT staff in March, HSBC reportedly hit the same department with another round of job cuts yesterday. According to Apple Daily the bank has made a number of IT employees redundant.

The Hong Kong Banking Employees Association confirmed yesterday's IT job cuts which affected around 10 employees. Although the scale of the cut is relatively small, the association condemned it and added it believes there will be more job cuts to come at the bank in the future.

Responding to questions from Human Resources magazine, a HSBC spokesperson said, "HSBC has stated that it intends to find significant cost savings by the end of 2017, as part of its ongoing strategy to ensure the bank remains efficient and competitive."

In february this year, the bank announced cost cuts after reporting a major slump in annual net profits. Staff at the British banking giant along with its subsidiary Hang Seng Bank were told their annual pay raise would be reduced from 3% to 2%.

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