Tuesday, November 18, 2008

HSBC to cut 500 jobs in Asia

HSBC Holdings PLC, Europe's largest bank by market value, plans to cut 500 jobs in Asia due to the global economic slump.

The cuts will be made in various parts of the business, including back office functions, with about 450 jobs in Hong Kong to be shed, the London-based lender announced to employees Monday.

Many large banks have been cutting thousands of jobs globally as they struggle to weather massive losses linked to deteriorating debt. On Monday, New York-based Citigroup Inc. said it will shed about 53,000 more employees in the coming quarters — shrinking its work force by 20 percent from its 2007 peak of 375,000. The company had already announced in October that it was eliminating about 22,000 jobs from that level

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