HONG KONG: Banking giant HSBC is to cut 1,100 jobs worldwide because of the volatile global financial environment, a spokesman said yesterday.
The cuts will be made in the global banking and market division, with around half of those losing their jobs in HSBC’s British operations, Hong Kong-based spokesman Gareth Hewett said. “The steps we have taken today are in the light of the current global business and economic environment and our cautious outlook for 2009,” he said in a statement.
“Markets continue to be challenging and difficult but our strategy leaves us well positioned for the next wave of global growth, when it comes.”
Around 100 jobs will go in Hong Kong. The jobs would be cut in both front and back office operations, Hewett said. The statement said that global pre-tax profits for the division were 2.7 billion dollars in the first half of 2008, down 35 percent over the first half of 2007 but 37 percent higher than in the second half of 2007. HSBC employs around 330,000 people worldwide. The global banking and market division includes investment banking, treasury and trading operations.