will HSBC plans to Cut jobs in Hong Kong 2013- news HSBC to Cut 3000 Jobs in Hong Kong 2013 ; HSBC Holdings Plc (NYSE: HBC) plans to cut nearly 3,000 jobs over the next 3 years in Hong Kong as part of a global restructuring. It will try to redeploy some staff elsewhere in the company, so the number of lost jobs may be less than 3,000. The job cuts in Hong Kong are part of a first wave of a global reorganization, which will also include restructuring at operations in the U.S., Canada, Mexico and Brazil, a spokeswoman said.
According to company sources, it intends to cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S. as part of a new strategy to focus on fast-growing emerging markets. It states that the job cuts will result in sustainable cost savings and improved cost efficiency to the tune of $3.5 billion. HSBC employees nearly 23,000 people in Hong Kong and 296,000 worldwide.
Citing a memo from HSBC Asia-Pacific CEO Peter Wong to employees, Radio Television Hong Kong reports that the redundancies would mainly involve managerial positions in the firm's back-office operations. He was cited as saying that the move was necessary to streamline the bank's structure, increase efficiency and reduce costs.
Hong Kong remains one of HSBC's key markets, with its operations there contributing nearly a third of the U.K. lender's pre-tax profit in the first half of this year. The bank, which was founded in Hong Kong in 1865, operates in the Asia-Pacific region as Hong Kong and Shanghai Banking. The bank declined to say what positions in Hong Kong will be involved in the restructuring. It is also unclear whether there will be a net decrease in HSBC's headcount in Asia following the exercise. The bank has said it plans to hire at least 2,000 people in mainland China and Singapore over the next five years.
In August 2011, HSBC had agreed to sell its card and retail services business in the U.S. to Capital One Financial Corp. Shares of HSBC closed Tuesday’s trading at $41.80 per share. source www.bloomberg.com
new job bank septeember 2011, will HSBC to Cut jobs 2013, China, Singapore, Shanghai Banking, HSBC's key markets.
Showing posts with label European banks. Show all posts
Showing posts with label European banks. Show all posts
Wednesday, September 7, 2011
Monday, September 5, 2011
Will European banks go bust
Will European banks go bust : At a Banking conference held today in Frankfurt, and which was sponsored by Handelsblatt, Deutsche Bank's outgoing chief executive, Josef Ackermann, said that some European banks would go bust if they were forced to "mark to market" their portfolios of sovereign debt.
The above at a moment which for Mr.Ackermann recalls the turbulence seen in 2008, after the downfall of Lehman Brothers.
On the positive side of things, the veteran banker highlighted the fact that European banks are now smaller than then and are better capitalized. As well, they are less dependent on short -term financing, hold less 'toxic' assets and manage risk better.
Nonetheless, financial markets are obviously quite nervous, which has been leading to considerable pressures in funding markets, particularly for financial institutions, due to the lack of a resolution of the Eurozone crisis and weaker growth prospects.
For some analysts even, such as those at Royal Bank of Scotland (RBS), banks are approaching a negative "feed-back" loop, through which cash hoarding hurts new lending and revenues, thus aggravating the pressures on their balance sheets.
Despite the above, in a research report published last Friday RBS estimated that European banks have enough collateral to withstand upcoming debt maturities in 2011 and 2012.
These analysts, however, are of the opinion that even if public support strengthens for shared financing (Eurobonds) and bond guarantees (expanded EFSM), European banks will still have to 'de-leverage' and 'readjust' their balance sheets.
In that regard, they point out that over the past ten years European bank balance sheets have grown three times as much as GDP, to the equivalent of over 200% of GDP, versus just 75% in the US. Source londonstockexchange.com
European banks forecast 2011-2012,impact Eurozone crisis, analysts predictions European banks, upcoming debt maturities in 2011-2012
The above at a moment which for Mr.Ackermann recalls the turbulence seen in 2008, after the downfall of Lehman Brothers.
On the positive side of things, the veteran banker highlighted the fact that European banks are now smaller than then and are better capitalized. As well, they are less dependent on short -term financing, hold less 'toxic' assets and manage risk better.
Nonetheless, financial markets are obviously quite nervous, which has been leading to considerable pressures in funding markets, particularly for financial institutions, due to the lack of a resolution of the Eurozone crisis and weaker growth prospects.
For some analysts even, such as those at Royal Bank of Scotland (RBS), banks are approaching a negative "feed-back" loop, through which cash hoarding hurts new lending and revenues, thus aggravating the pressures on their balance sheets.
Despite the above, in a research report published last Friday RBS estimated that European banks have enough collateral to withstand upcoming debt maturities in 2011 and 2012.
These analysts, however, are of the opinion that even if public support strengthens for shared financing (Eurobonds) and bond guarantees (expanded EFSM), European banks will still have to 'de-leverage' and 'readjust' their balance sheets.
In that regard, they point out that over the past ten years European bank balance sheets have grown three times as much as GDP, to the equivalent of over 200% of GDP, versus just 75% in the US. Source londonstockexchange.com
European banks forecast 2011-2012,impact Eurozone crisis, analysts predictions European banks, upcoming debt maturities in 2011-2012
Subscribe to:
Comments (Atom)