The Sundaytimes Sri Lanka

HSBC’s job cut plan to be announced end August


HSBC’s global restructuring drive will be announced to the staff by end August which will spell out the job cuts, the number of positions to be done away with and other nitty-gritty, informed sources said.

“The staff was told that the group was going through a restructuring and that they’ll be informed of the details by end August,” an informed source told the Business Times. He said the HSBC is essentially aiming to reduce the hierarchy and cut the middle layer in management.

An HSBC official told the Business Times that the bank’s restructuring is still at a preliminary stage and that it’s a detailed process. When asked for a comment, an HSBC spokesperson said, “The HSBC group is committed to invest in Sri Lanka and will continue to do so in future. The whole of the HSBC Group is going through a global programme that is aimed at improving efficiency, increasing our revenue capability and ensuring our long-term, sustainable growth. HSBC Sri Lanka, as part of the Group, will also be implementing this global programme.

We are not going to comment on rumours and speculation about our people. However, we can say that where any staff is impacted, we will make every effort to support our people through redeployment, counselling, in-placement and out-placement services.”

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