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HSBC jobs threat looms

HSBC Bank Bermuda has not confirmed whether its workforce will be trimmed as part of the 30,000 global jobs cuts planned over the next three years by its parent company HSBC Holdings plc.

HSBC Holdings plc, which yesterday reported a three percent increase in pre-tax first-half profit, said that 10 percent of the total cuts were to reduce costs driven higher by rising salaries.

Asked whether the job cuts would impact the bank’s Bermuda operation, a spokeswoman for HSBC Bank Bermuda said: “Changes to staffing are inevitable as business models are updated and as we continue to automate and streamline manual processes.

“We have had success training and redeploying staff into new roles and will continue to make accreditation and training a priority to provide opportunities for our staff.”

In response to a further query about how many jobs would be affected, she said: “We are continually reviewing the needs of the organisation and evaluating our business to achieve operating efficiency. This is an ever-changing and evolving matter that has no static number.”

HSBC said yesterday it would sell almost half its retail bank branches in the US, part of a new strategy to focus on fast-growing emerging markets.

The bank has already shed some 5,000 jobs this year around the world. Another 25,000 will be cut by 2013, spokesman Patrick Humphris said. HSBC currently employs around 296,000 people worldwide.

Mr Humphris declined to give details of where the job cuts would be but said the group is still hiring in emerging economies such as Brazil and Mexico.

The move echoes similar announcements by other global banks, such as Credit Suisse, UBS and Goldman Sachs, which in recent weeks said they needed to trim payrolls to adjust to tougher market conditions.

Job cuts? HSBC Bermuda's Harbourview building on Front Street

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Published August 02, 2011 at 2:00 am (Updated August 02, 2011 at 9:15 am)

HSBC jobs threat looms

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