HSBC to cut 1,100 jobs due to financial crisis

HSBC to cut 1,100 jobs due to financial crisis

Hong Kong: Global banking giant HSBC is to cut 1,100 jobs worldwide because of the volatile global financial environment, a spokesman said on Friday.

The cuts will be made in the bank’s global banking and markets divisions, with around half of those losing their jobs in HSBC’s British operations, Hong Kong-based spokesman Gareth Hewett said.

“The steps we have taken today are in the light of the current global business and economic environment and our cautious outlook for 2009," he said in a statement.

“Markets continue to be challenging and difficult but our strategy leaves us well positioned for the next wave of global growth, when it comes."

Around 100 jobs will go in Hong Kong. The jobs would be cut in both front and back office operations, Hewett said.