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HSBC to cut 3,000 HK jobs in global restructuring
HSBC says it's cutting 3,000 jobs in Hong Kong as part of global restructuring
By The Associated Press

HONG KONG (AP) ' HSBC is cutting about 3,000 jobs over the next three years in Hong Kong as part of a global restructuring, a spokeswoman said Wednesday.

The British banking group will try to redeploy some staff to other roles elsewhere in the company so the number of people actually losing their jobs may be less than 3,000, said the spokeswoman, who spoke on condition of anonymity in line with company policy.

The redundancies would mainly involve back-office managerial positions, local broadcaster RTHK said, citing a memo to employees from the bank's Asia-Pacific chief executive, Peter Wong.

The cuts are part of a strategic reorganization of the bank announced last month to make it more efficient and less bureaucratic.

The group said in August that it is cutting 30,000 jobs worldwide by 2013 and selling almost half its retail bank branches in the U.S. to save up to $3.5 billion as part of a new strategy to focus on fast-growing emerging markets.

HSBC employees 296,000 worldwide, including 23,000 in Hong Kong.

The job cuts in Hong Kong are part of the global reorganization's first stage, which will also include restructuring at operations in the U.S., Canada, Mexico and Brazil, the spokeswoman said.

"This means we'll make better decisions more quickly that will then mean we can create more business opportunities," the spokeswoman said.

She said the job cuts will result in "sustainable cost savings" and improved cost efficiency but would not say how much money would be saved.

HSBC joins other big financial institutions that have announced layoffs this summer, including Goldman Sachs Group Inc., Bank of New York Mellon Corp., Bank of America Corp. and others.

Big banks aren't raking in the fat profits they used to earn from large bets on risky trading and complicated investments, which backfired and fueled the global financial crisis.

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