Labour chief to HSBC: Minimise the impact of retrenchment

The Labour & Welfare Bureau has expressed its concern with HSBC following news that the bank will cut 3,000 jobs in Hong Kong.

A report by Hong Kong’s Information Services Department noted, “Mr Cheung said he hopes the bank will minimise the impact of the redundancies, noting it may shift some of the affected staff to other departments and provide employment referrals and counselling. He urged the bank to take the wishes of affected staff into full consideration.”

Secretary Matthew Cheung however pointed out that HSBC’s decision does not reflect a trend in the labour market, as it is booming along with the banking industry.

“The Labour Department will closely monitor developments and liaise with banking and finance institutions to gather information on vacancies, which will then be passed to the affected HSBC staff,” added the report.

View the report here.