Monday, 19 December 2011
HSBC Holdings PLC plans to cut upto 1200 jobs at its consumer banking unit in India
The job cuts are likely to affect a range of functions and are likely to be carried out in a phased manner, two people directly familiar with the banks plans said on condition of anonymity.
The planned cuts are in line with a decision announced by HSBC Chief Executive Stuart Gulliver in August this year in which he said the bank would cut 30,000 jobs globally by 2013 in a move to reduce costs.A spokesperson for HSBC in India said in response to emailed queries from ET NOW that they do not comment on market rumour.
An executive familiar with the planned exercise confirmed that a team from HSBC's Human Resources department is currently working with managers across functions in the consumer banking division to identify dispensable roles. "The job cuts could lead to a large number of layoffs but the bank would attempt to rehabilitate as many people as possible in different businesses such as the insurance vertical", the executive said.
The planned cuts are in line with a decision announced by HSBC Chief Executive Stuart Gulliver in August this year in which he said the bank would cut 30,000 jobs globally by 2013 in a move to reduce costs.A spokesperson for HSBC in India said in response to emailed queries from ET NOW that they do not comment on market rumour.
An executive familiar with the planned exercise confirmed that a team from HSBC's Human Resources department is currently working with managers across functions in the consumer banking division to identify dispensable roles. "The job cuts could lead to a large number of layoffs but the bank would attempt to rehabilitate as many people as possible in different businesses such as the insurance vertical", the executive said.
