HSBC Holdings Cut Jobs in Hong Kong Investment Banking Unit 

HSBC Holdings Cut Jobs in Hong Kong Investment Banking Unit

SHANGHAI, Oct 10, 2012 (Menafn - SinoCast Daily Business Beat via COMTEX) --HSBC Holdings laid off some jobs in the middle management team of its Hong Kong investment banking division on Oct. 8, disclosed people familiar with the matter.

Executives of HSBC Holdings have confirmed the rumored job cutting, although the company has yet to make it public. HSBC Holdings plans to axe 30,000 jobs globally this year in a bid to cut costs by USD 3.5 billion, said the company its interim report unveiled on Aug. 1.

The UK-based company has slashed a total of 5,000 jobs around the world since the beginning of this year, of which 700 in France, 700 in the UK, 1,700 in Latin America, 1,400 in the US, and 500 in Middle East.

Source: www.xinhuanet.com (October 10, 2012)

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