"HSBC cuts 100 Hong Kong Private Banking Jobs | AboutHK.Com - more information about HK"
|  HSBC Holdings (HSBA) (0005.HK), Europe's largest bank, said on Monday it was cutting 100 Private banking jobs in Hong Kong.
The jobs are about 8 percent of the 1200 Bank Private Banking in Hong Kong, bank spokesman Gareth Hewett said.
"Changing market conditions have affected business volumes and have led Private Banking to review its business to ensure that the business remains competitive and well placed to serve its clients," Hewett said in an e-mail.
HSBC is one of the leading private banks and employs 7220 employees in the company at the end of December, but the industry has been hit by the global financial crisis.
Switzerland, UBS (UBSN.VX), the world's largest asset managers, this month axed thousands of employees, including 240 in Asia-Pacific Wealth Management. Citigroup (CN), Barclays (BARC.L), Deutsche Bank (DBKGn.DE) and others have also cut private banking staff.
HSBC Private Bank's net income of $ 1.4 billion last year by 4 percent from the year 2007, and manages $ 352 billion for clients. The unity of the gains in Hong Kong fell 22 percent to $ 237 million. |
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