MediaToday

News | Wednesday, 01 October 2008

HSBC trims 1,100 jobs in investment banking division

HSBC has slashed 1,100 jobs in its investment banking division as the financial group tightened its belt due to the slump in the financial markets.
The cuts, equal to about 4 per cent of HSBC’s total employees in its global banking and markets division, came as investment banks around the world cut staff and trimmed costs in expectation of a continued slow-down in the business.
About 500 of the employees, including both front and back office staff and permanent and temporary workers, were based in London, with the majority of the remainder in Europe and the United States (US). Malta so far has not been affected.
The cuts, announced on Saturday, reflected HSBC’s gloomy prognosis for the world’s financial markets in 2009, although they also underscore the bank’s ambitions to focus its investment banking operations on emerging markets in Asia and the Middle East, where executives believe it has a competitive advantage and the greatest opportunity for future growth.
Many investment banks have quietly trimmed their workforces or imposed hiring bans this year as they responded to the market slowdown.


 

Other News

Farsons cut budgets to the bone

BOV Chief warns that global banking crisis could have fall-out on Maltese economy


FOI changes tack on fuel surcharge, presents position paper to MCESD

Commission consults on how to put Europe into the lead of the transition to Web 3.0

Chamber, FOI celebrate “marriage of enterprise”

GO CCO to set up own venture

Good news for the five-star sector

Maltese Delegation headed by FOI in Messina, Sicily

GO’s Head of IT leaves to join CISCO

A historic moment

Letter: FOI replies to BT on surcharge issue

Governments buy out 49 per cent stake in beleagured Fortis

HSBC trims 1,100 jobs in investment banking division

Second Belgian bank rescued within 24 hours

Mark Lamb: Dark side of the moon

 

 


01 October 2008
ISSUE NO. 552

Collaborating partners:


www.german-maltese.com


Malta Today

illum


 

Copyright © MediaToday Co. Ltd, Vjal ir-Rihan, San Gwann SGN 07, Malta, Europe Tel. ++356 21382741, Fax: ++356 21385075
Managing Editor: Saviour Balzan