LayoffBlog.com

March 26, 2009

HSBC to lay off 2,900

Filed under: banking,HSBC,outsourcing,UK — 7macaw @ 6:47 am
Tags: , , ,

HSBC yesterday said 1,200 UK jobs were under threat following a review of the banking business, which will see the closure of its Newport call centre.

But union leaders insisted 2,900 jobs will be axed at HSBC, including 500 being off-shored to India. The Unite union said a number of local communities would be “ravaged” as sites were closed and work moved abroad.

HSBC insisted that while 2,900 positions would be axed, some staff would be given different work and only 1,200 would lose their jobs.

Source: Wales Online, The Mirror

January 4, 2009

Asia: Slowdown takes a toll on industries

According to China Daily: “The financial tsunami has triggered panic around the world, with its impact taking a heavy toll on a variety of industries in Hong Kong. Turmoil in the global credit markets has severely weighted down earnings of the banking and finance industry, which triggered a wave of job cuts among local banks.”

  • Starting from September, Europe’s largest bank HSBC laid off 4 percent of its worldwide back-office staff, including 100 employees in Hong Kong
  • In November, HSBC axed 450 jobs in Hong Kong in its second round of layoff.
  • In early November, Southeast Asia’s biggest bank DBS trimmed its workforce by 6 percent, or 900 jobs, in its Hong Kong and Singapore operations
  • Standard Chartered Bank, a UK-based lender focused on emerging markets in Asia,shed 200 jobs – 4 percent of its staff – in Hong Kong in early December.
  • Banks in Hong Kong may further reduce their staff numbers in the first half of 2009
  • In early October, Hong Kong toy maker Smart Union Group closed down its two factories in Dongguan, throwing almost 7,000 workers into unemployment.
  • Around 5,000 factories in the region had already closed down amid the financial meltdown.
  • The Christmas sales in the US tumbled around 20 to 30 percent this year, which means the export market for the mainland has significantly shrunk
  • Hong Kong-funded factories in the PRD may close down in 2009
  • The bankruptcy of Lehman Brothers in September has also severely affected more than 40,000 holders of Lehman’s minibonds in Hong Kong

Stepping into 2009, economists expect it may take quite a while for the territory’s economy to bounce back, according to China Daily

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