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Business

HSBC to hire 15,000 in emerging markets

Text by News Wires

Latest update : 2011-08-02

A day after it announced plans to cut 30,000 jobs worldwide in an effort to slash costs, banking giant HSBC announced Tuesday that it would be hiring 15,000 people in emerging markets over the next three years.

AFP - 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 percent 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 percent of the group's pre-tax profits in the first six months of the year, up 16 percent from the same period of last year, while net fee income grew 17 percent 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 percent in Hong Kong Tuesday to HK$77.3 ($9.92) as the broader Hang Seng Index opened 0.34 percent 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 (6.2 billion euros) in the first half on lower bad debt and tax charges.

Pre-tax profits rose 3.3 percent 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.
 

Date created : 2011-08-02

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