The job cuts are part of the bank's plan to slash annual costs by $3.5 billion.
A Reuters report said, “HSBC , Europe's biggest bank, is to cut 3,000 jobs in Hong Kong over the next three years as it targets its first wave of an aggressive cost-cutting plan on five countries.”
HSBC will be focusing primarily on support functions as the bank restructures to reduce management layers and improve efficiency, according to HSBC Asia-Pacific Chief Executive Peter Wong. “The bank said it would have no more than eight layers between the CEO and customer, compared with 14 layers in some countries at present,” noted he report.
View the report here.
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