Morning Coffee Apr 04 2012

HSBC Lays Off in Singapore

By julie steinberg

Singapore is the latest casualty of HSBC's retreat around the globe.

The British bank cut more than 100 positions last week, the Straits Times reports, amounting to more than 3% of the bank's 3,000-member work force in the nation-state.

The cuts were scattered across the bank and affected private banking, marketing and risk management. Junior bankers got to breathe a sigh of relief, though: Mainly executive positions were targeted.

This latest round of job cuts is part of HSBC's plan to trim its work force by 30,000 positions over several years, a plan it announced last August. Even though the firm is committed to investing money and resources into emerging markets, Asian countries aren't exempt from the culling. The bank has plans to shed a few thousand people in Hong Kong, for example, even though it's the country's largest bank.

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