HSBC cuts 22000 jobs globally; no job cuts planned for India

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HSBC cuts 22000 jobs globally; no job cuts planned for India
Despite cutting 22,000 jobs in the January to September period, HSBC Bank has said that it has no such plans or India as it is a "strategic market and key profit centre."

The move is a part of global cost cutting plan of London based Bank. HSBC is looking to reduce its costs by up to USD 3.5 billion by 2013.

However, as far as India is concerned, Stuart A Davis, HSBC India Chief Executive said, "We achieved a further USD 0.5 billion of sustainable savings in 3Q 12 through our organisational effectiveness programmes. This took our total annualised savings achieved to USD 3.1 billion."

The Europe's largest bank had 2, 67,000 employees at the end of September, 2012, almost 22,000 lower than that on December 31, 2011.

In a statement, HSBC Bank has said, "This reflected the planned net reduction of staff numbers across the group from organisational effectiveness initiatives and business disposals."

Read more about: hsbc india
Story first published: Tuesday, November 6, 2012, 10:33 [IST]
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