Team News Riveting
At least 100 employees at HSBC Hong Kong are expected to be retrenched in a downsizing of the bank even as some jobs move to Guangzhou in mainland China as part of a cost-cutting measure.
More than 600 employees reportedly joined a video call on Monday morning where they were informed about the decision as management cited the need to maintain sustainable compliance costs, according to a report in Apple News quoting a source who did not wish to be named.
Staff from the external investigative reporting department will be the hardest hit, as it is expected to downsize by between 50 per cent to 60 per cent.
HSBC management did not disclose the list of those laid off, nor the criteria that would be followed, according to the source who attended the meeting. Staff were told to be patient and that those affected would be compensated according to the established procedure.
“Because the bank would migrate the department to Guangzhou, only 40 per cent to 50 per cent of the Hong Kong staff would be left,” the source said, adding “conservatively estimated” that the layoffs would affect more than 100 people.
A HSBC spokesperson declined to comment.
