HSBC to hire 15,000 in emerging markets by 20141 min read . Updated: 02 Aug 2011, 10:13 AM IST
HSBC to hire 15,000 in emerging markets by 2014
Hong Kong: Global banking giant HSBC will hire up to 15,000 people in emerging markets over the next three years, a spokeswoman said Tuesday, a day after it announced plans to slash 30,000 jobs worldwide.
“The bank will be hiring three to five thousand people in emerging markets per year," an HSBC Hong Kong spokeswoman told AFP.
“That makes out to be around 15,000 in the next three years."
The British-based lender said on Monday that it would axe 30,000 jobs by 2013, which represent about 10% of its global workforce, as it looked to slash costs.
It said the initial round of 5,000 job cuts would be in Latin America, the United States, Britain, France and the Middle East.
However the bank also signalled it would focus more heavily in fast-growing markets, and on Tuesday released a separate statement outlining its prospects in Asia.
Asia contributed 59% of the group’s pre-tax profits in the first six months of the year, up 16% from the same period of last year, while net fee income grew 17% in the region year-on-year, the statement said.
“HSBC in Asia is on track to deliver on our strategy to create diversified revenue momentum from both quality asset growth and increased fee income," Peter Wong, chief executive of HSBC Asia-Pacific said in the statement.
“Our expertise in RMB (Chinese currency renminbi) complements our leadership in global trade," he added, referring to the bank’s position as a leading issuer of the offshore renminbi bonds.
Shares in HSBC opened up 0.46% in Hong Kong Tuesday to HK$77.3 ($9.92) as the broader Hang Seng Index opened 0.34% lower.
HSBC’s latest plans come after the banking giant — which survived the 2008 crisis without state aid, unlike many of its rivals — announced in a strategic review earlier this year plans to save $2.5-3.5 billion in costs by 2013.
The bank said on Monday that its net profit soared to $8.9 billion in the first half on lower bad debt and tax charges.
Pre-tax profits rose 3.3% to $370 million compared with the first six months of 2010, while total revenues edged ahead to $35.7 billion.
The bank also unveiled plans on Sunday to sell 195 retail branches, primarily in upstate New York, to First Niagara Bank for an estimated $1 billion.
HSBC was founded in Hong Kong and Shanghai in 1865, although it remains headquartered in London.