HSBC TO AXE 500 JOBS
The FINANCIAL
29/09/2008 12:12
Georgia
The FINANCIAL — About 500 UK jobs are being axed at HSBC as part of
a worldwide cull within its investment banking division, the group
confirmed last Friday UK based INDEPENDENT reported.
The UK’s biggest bank is cutting about 1,100 posts across its global
banking and markets division – 4% of the operation’s total workforce –
as it comes under pressure amid the credit crisis. UK staff affected
are largely based in HSBC ‘s Canary Wharf office in London, where
the division is headquartered.
The news follows yesterday’s announcement from mortgage bank Bradford &
Bingley that it was axing 370 jobs to save money.
There are also fears over thousands of UK jobs at collapsed investment
bank Lehman Brothers, despite the sale of the bulk of its European
operations to Japanese bank Nomura.
HSBC said it was making the cuts as a result of the tough market
conditions and its cautious outlook for 2009.
In Georgia HSBC has 60 staff today. "Nearly all our staff here are
Georgians, only 5 are expats (3 British, 2 Armenian)", Tony Turner,
CEO of HSBC Georgia, told The FINANCIAL. "By the end of the year 2
Armenians who helped me out here in starting up the bank will return
home and only 3 expats will remain at HSBC Bank Georgia. In Armenia
out of the 400 staff only 2 were expats". He said.
From: Emil Lazarian | Ararat NewsPress
