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HSBC to cut 193 jobs in India.

Global Banking News-17 December 2008-HSBC to cut 193 jobs in India(C)2008 ENPublishing -

Global Banking News - 17 December 2008(c)2005 - Electronic News Publishing -

HSBC Bank, a unit of HSBC Holdings Plc (LSE: HSBA) (NYSE: HBC) (HKG: 0005) is planning to cut nearly 193 jobs in the consumer assets businesses segment in India, according to a report by Banking Business Review.

The move is part of a restructuring of the bank's operations amidst the economic downturn. The bank said that it plans to move 620 employees from this unit to other positions and group entities. The bank has a total workforce of nearly 36,650 employees in India.

'In the past few months, we have engaged in an exercise to restructure our consumer assets business so that we can focus on reducing costs and devote resources to areas that offer the most potential for growth,' said Naina Lal Kidwai, HSBC's general manager and CEO for the country.

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Publication:Global Banking News (GBN)
Date:Dec 17, 2008
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