Update: HSBC to shed 500 jobs, with 450 in Hong Kong

HSBC Holdings Plc (LON:HSBA) will be shedding 500 jobs in Asia, with 450 being in Hong Kong, the news came when HSBC, Europe’s largest bank by market value issued a statement today.

HSBC already sacked 1,100 workers two months ago in its global marketing and banking division.
Gareth Hewett a spokesperson for HSBC in Hong Kong said that the organizational changes are due to the deteriorating economic conditions, and they need to have a cautious approach in 2009.

It’s expected that Hong Kong will see more job losses with its official report out today that the city’s economy is in recession. Due to external economic conditions HSBC will have to continue to review the banks operations according to Hewett.

However the banking giant has said they will try to find alternative employment for the affected employees within HSBC or externally.

Source: Bloomberg