Layoffs reported across multiple departments at Hang Seng Bank

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In some departments, half of the staff count has reportedly been cut, while those who remain are required to reapply for their positions.

According to Sing Tao Daily, Hang Seng Bank has been laying off employees across multiple departments since late March, following the distribution of bonuses, with headcount reductions ranging from 10% to 50%.

The affected departments at this stage reportedly include logistics support, strategy and corporate development, information and technology, corporate communications, and the Hang Seng Index Company.

As reported, the layoffs this time impact employees at all levels, from senior staff to entry-level workers, with varying redundancy packages being offered. Some employees received immediate payment in lieu of notice, while others were informed a month in advance and were not entitled to such compensation. However, long service payments offered by the bank reportedly exceed statutory requirements.

The layoffs are expected to be completed by the end of June.

This move follows the global reorganisation of the bank’s parent company, HSBC Holdings PLC, last year, which aimed to simplify the bank’s organisational structure. According to Reuters, around 40 investment bankers in HSBC Hong Kong were laid off as part of this restructuring.

The report indicated that Hang Seng will adopt the practices of its parent company, requiring employees who remain to reapply for their positions. They will have to compete with both internal and external candidates.

Hang Seng is currently recruiting for more than 100 positions, and employees can apply for any role they are interested in.

In response to HRO's inquiries, the bank neither denied nor disclosed the number of employees affected.

The bank said that it regularly reviews its business portfolio and operations, and will make appropriate adjustments, which may include optimising or innovating new functions, restructuring its business, and upgrading the skills of its staff, aiming to cope with the fast-changing market environment, meet the increasingly diverse demands of customers, and better deliver high-quality service.