SUBSCRIBE: Newsletter

Human Resources



HSBC office logo, hr

HSBC cuts 100 jobs among senior staff worldwide

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.
Bring your team for additional group discounts.

HSBC is cutting around 100 senior staff from its investment banking division worldwide. The bank began letting people go last week, Reuters reports.

Sources familiar with the matter told Reuters that the cuts affect employees at managing director and director level in the global Banking and Markets division.

Bloomberg reports that the layoffs are part of a harsher end-of-year review procedure, which includes more lucrative awards for top performers, while those at the bottom could see their compensation significantly reduced.

In an emailed statement, a HSBC spokesperson told Human Resources: “We review on an annual basis performances across Global Banking & Markets and make appropriate changes to strengthen and grow the business.”

In November last year, media reports revealed the bank’s plans to freeze pay for senior management. At the time, chief executive Stuart Gulliver did not confirm the plans and instead hinted at the possibility of more job cuts in 2017.

ALSO READ: HSBC to boost hiring in China, local headcount remains steady

Photo / HSBC

Human Resources magazine and the HR Bulletin daily email newsletter:
Asia's only regional HR print and digital media brand.
Register for your FREE subscription now »

Read More News


Leave a Reply

You must be logged in to post a comment.