HSBC to axe up to 3,000 jobs in Hong Kong by 2014

Source: AFP, 08 September 2011

Banking giant HSBC said on Wednesday it will slash up to 3,000 jobs in Hong Kong over the next three years, as part of its global cost-cutting drive as it shifts focus to fast-growing markets. Last month, the British-based lender announced plans to save up to $3.5 billion and to axe 30,000 jobs globally by 2013 .

The Asia-focused bank has also said it will hire up to 15,000 people in emerging markets by 2014, as it looks to Asia's booming financial sector to power future growth. Yet it is still pushing ahead with the Hong Kong jobs cull. More than a third of HSBC's current workforce of 300,000 are already in Asia, which contributed 59 percent of the group's pre-tax profits in the first six months of 2011 – up 16 percent from the same period last year. HSBC – which unlike many of its rivals survived the 2008 crisis without state aid – announced in August that it would sell 195 retail branches, mainly in upstate New York, to First Niagara Bank for an estimated $1 billion.