Exclusive: HSBC India Lays Off 600 Employees!

27 March 2017, India:

HSBC India has laid off around 600 employees from its offices in Pune and Hyderabad said two persons directly aware of the development who wished to remain anonymous.

“All the departments with CTA projects were under the radar as most of the employees were asked to leave from this department,” said one of the person.

“Employees were given fair choices at the time of exit with either to take the lump sum compensation and leave on the same day or wait for few months- search for the alternative and then leave,” said the other source.

HSBC spokesperson neither confirm nor denied the news and stated the workforce has increased from 33,000 in 2015 to 37,000 in 2016.  He further added, “HSBC intends to find significant cost savings by the end of 2017, as part of its ongoing strategy to ensure the bank remains efficient and competitive.”

First blood was drawn in the UK, when the bank laid off 840 employees citing restructuring plan which will save around $5 billion. As a part of the plan, the company said the jobs will be offshored to lower income countries like India, China and Poland. So this move comes as a surprise to many.

HongKong and Shanghai Banking Corporation (HSBC) is also under the scrutiny and being investigated by tax and law enforcement agencies around the world, including India, the US, France and Belgium, for alleged tax evasion, money laundering and unlawful cross-border banking solicitation. (Image:  about.hsbc.co.in)

Also Read: Cognizant to Lay Off 6,000-10,000 Workforce!