November 18, 2008

HSBC Holdings PLC has cut another 450 jobs at its Hong Kong operation, according to a memo to staff from Peter Wong, executive director. The U.K. banking giant had already cut about 100 jobs in its global banking and markets division in Hong Kong when it axed 1,100 jobs world-wide in September.
The memo described the layoffs as "across all customer groups." Affected workers were informed by their respective supervisors Monday, it said. "Such decisions are always exceptionally difficult to make and are a result of organizational changes in a number of areas as well as the deteriorating economic conditions and our cautious outlook for 2009," Mr. Wong wrote.
The memo added that HSBC will help affected staff to look for jobs either within the bank or externally. HSBC's Hong Kong operations contributed $3.07 billion, or about one-third, of the company's profit before tax of $10.25 billion in the six months ended June 30.