HSBC's Hong Kong unit Hang Seng Bank lays off staff as part of sweeping revamp
Hong Kong retail lender
Hang Seng Bank is carrying out lay-offs as part of its parent company HSBC Holdings' aggressive restructuring aimed at enhancing cost-effectiveness and growth.
The lender, 62.14 per cent owned by
HSBC , informed staff in various departments over the past few weeks that they would lose their jobs as part of the restructuring plan, two separate sources told the Post.
The affected units were mainly supporting departments such as information technology and corporate communications, as well as index compiler Hang Seng Indexes and some units that are being consolidated in the restructuring, the sources said.
The total number of people affected was not disclosed. Some departments lost up to 20 per cent of their staff, while the hardest-hit team was cut in half, the sources said. Wealth management and other key growth areas would not be affected and were instead the focus of expansion, the sources said. The bank is currently recruiting for about 100 vacancies.
The lay-offs were expected to continue in the coming two months, the sources said. Remaining employees must apply for their positions again, competing with new external applicants.
Hang Seng Bank did not directly comment, but said it commonly reviewed and made adjustments to its organisation and departments to meet customers' needs.
'This includes creating new roles, restructuring the organisation [and] upgrading staff's technical skills so as to offer a better quality of service for customers,' the bank said in a statement in Chinese.
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