HSBC mum on job-cutting report The Business Review - by Allissa Kline , Contributor Date: Friday, July 29, 2011, 3:03pm EDT Related: Banking & Financial Services
Officials at HSBC Bank USA N.A. won’t comment on reports from a British news agency that claims the financial giant plans to slash thousands of jobs from its work force to cut costs in coming years. Earlier this week, Sky News reported that 10,000 jobs were at risk, citing unnamed sources. A final plan, however, hasn’t been hammered out, the news agency said. An HSBC spokesperson dismissed the report Friday, calling it “speculation” and saying the report didn’t stem from the bank. “There were strategic changes announced a month and a half ago,” Robert Sherman said. “And I think we’ve been fairly upfront about looking at a sustainable cost-savings plan between $2.5 billion and $3.5 billion annually on a global basis within the next three years (as well as) redeployment of capital and investing in growth opportunities.” Part of HSBC’s cost-cutting involves a review of its retail operations in the United States, particularly in upstate New York. About 175 branches between Buffalo and Albany are listed for sale. It has not been announced if a buyer has been secured, though local banks including M&T Bank Corp. and First Niagara Financial Group Inc. are likely bidders, according to analysts. HSBC is the sixth largest bank in the Albany area, with $1.4 billion in deposits.
This countries economy is going to take YEARS if not decades to bounce back.....if ever. So those that know they won't be able to survive are jumping ship now. Perhaps taking a ship to China!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
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