HSBC’s global restructuring drive will be announced to local staff this week, spelling out the job cuts, the number of positions to be done away with and other nitty-gritty, informed sources said. “The staff was told that the group was going through a restructuring and they were awaiting the details since early this year. It [...]

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The Sundaytimes Sri Lanka

HSBC’s job cut plan to be announced this week

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HSBC’s global restructuring drive will be announced to local staff this week, spelling out the job cuts, the number of positions to be done away with and other nitty-gritty, informed sources said.

“The staff was told that the group was going through a restructuring and they were awaiting the details since early this year. It is widely believed that the management will announce this on Tuesday,” an informed source told the Business Times. He said that HSBC is essentially aiming to reduce the hierarchy and cut the middle layer in management. An HSBC official told the Business Times that HSBC’s restructuring is still at a preliminary stage and that it’s a detailed process. He said that the bank has also introduced an option to its current pension scheme.

Here HSBC employees can claim their contributions plus HSBC’s contribution whenever they decide to leave the bank. “This is an option they can take,” he said, noting that the entire HSBC Group is going through a global programme that is aimed at efficiency, increasing their revenue capability and ensuring HSBC’s long-term growth. (DEC)




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