Bank giant HSBC axes 1,100 jobs

by Sanjay Jha | September 25, 2008 at 11:19 pm

2044 views | 22 Recommendations | 22 comments

Amidst the world economy heading dangerously towards recession and after two of the big bank's failur to stay afloat, job losses were ominous.India's IT sector has stopped hiring new software engineers. Recession is likely to lead Job losses in the sectors wit high US exposures. Financial sector so far has been insulated but elsewhere the impact is already felt. One of the World's big bank HSBS has decided to cut down 1000 jobs all over the world.

Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
HSBC employs about 335,000 people around the world.
Last month, HSBC said half year profits fell 28% to $10.2bn (£5.2bn), as it was forced to write-off $14bn from bad debts in the US and asset write-downs.
Meanwhile, pre-tax profits fell 35% to $2.1bn during the same period.
An HSBC spokesman said the firm had opted to reduce its workforce, "because of market conditions and the economic environment, and our cautious outlook for 2009".
Many of the job-losses will be at the headquarters of HSBC's investment banking division, which are in London's Canary Wharf.
Banks around the world have been coming under increased pressure from the credit crisis currently affecting financial markets.
The problems have forced governments to step in and boost money markets as well as bail out a number of companies.
Earlier this year, the UK government had to buy mortgage lender Northern Rock, while in the US lenders Fannie Mae and Freddie Mac have been rescued as well as insurer AIG and investment bank Lehman Brothers filed for bankruptcy.

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Amitjha

flagged this story as Good Stuff

at 01:00 on September 26th, 2008

Sanjay Jha, I like this story. It's good stuff.

Rhonda J Mangus

flagged this story as Good Stuff

at 02:30 on September 26th, 2008

Sanjay Jha, I like this story. It's good stuff.

He and Fi

at 07:45 on September 27th, 2008

As with a lot of the main banks on British high streets the HSBC in Carlisle occupies a splendid location and an even more splendid building.
The photo was originally taken to contribute to a GUESS WHERE? group.

He and Fi has contributed a photo to this story.

coldmachine

at 08:01 on September 27th, 2008

Image of HSBC Canada, Vancouver, BC is copyright © 2008 Steve Tapril

coldmachine has contributed a photo to this story.

dogfrog

at 08:14 on September 27th, 2008

A security guard chased me across the street as I took this screaming "No photos!". "Oh really?".

dogfrog has contributed a photo to this story.

Florian Heinemann

at 08:14 on September 27th, 2008

Florian Heinemann has contributed a photo to this story.

paperfountains

at 08:40 on September 27th, 2008

Djaka Farezki

at 16:18 on September 27th, 2008

Cheung Kong Centre on the Left, Centre : HSBC Building, Standard Chartered Building on the right. Taken at Central, Hong Kong and took the shot without tripod. Originally uploaded on Flickr.com

Djaka Farezki has contributed a photo to this story.

ctc23

at 18:04 on September 27th, 2008

Colin Chang

ctc23 has contributed a photo to this story.

Lee Lecu

at 00:14 on September 28th, 2008

I wonder what's on the 'wipeout' agenda for this week in the financial sector??? Let me take a wild guess- THE TAXPAYER!

ginny

at 03:25 on September 28th, 2008

Outting trip 2007 by HSBC Vietnam - the logo contest

ginny has contributed a photo to this story.

jetsada_uk

at 08:30 on September 28th, 2008

Photo of the HSBC building in HK

jetsada_uk has contributed a photo to this story.

Kate loves Bar Pt

at 13:23 on September 28th, 2008

A lot of the tallest buildings are owned by banks or insurance companies!

Kate loves Bar Pt has contributed a photo to this story.

tk_yeoh

at 17:15 on September 28th, 2008

I have always admired HSBC for it conservation efforts esp. its buildings in Sungai Petani, Kedah and Ipoh, Perak. The bank's service was also tops...

tk_yeoh has contributed a photo to this story.

dreamsnapper

at 19:06 on September 28th, 2008

Behold Merlion of Singapore!

dreamsnapper has contributed a photo to this story.

wallyoh

at 22:25 on September 28th, 2008

By Wally Sarwar; @ Photrade

wallyoh has contributed a photo to this story.

YILKA

at 22:36 on September 28th, 2008

HSBC Building, Saigon Metro Tower (Ho Chi Minh city, Vietnam)

YILKA has contributed a photo to this story.

muggle

at 03:39 on September 29th, 2008

HSBC is one of the greatest banks and you can see it everywhere in Hong Kong. Even on the Lamma Island of Hong Kong, you can see a small branch just right on the path where the tourists must see it. It's small and offers the services for people on this terrific island.

muggle has contributed a photo to this story.