NEWS & ADVICE : CAR LOANS
Layoffs on global front; HSBC India spared
By Vaibhav Aggarwal
Aug 2, 2011
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Foreign lender HSBC is on global layoff regime with plans to cut 30,000 jobs globally. However, the Indian operations of the bank doesnt seem to get much affected.

The bank has said that it has laid off 5000 jobs in its Latin American, United States, British, French and Middle East operations.

It says that the number is expected to increase by another 25000 by 2013.

"There is no question of job cuts in India and Asia as we the growing in these geographies," a spokesperson of the bank said.

The bank also aims to sell off its US credit card portfolio.

"We still have a number of people interested in that business. If we can't get the price we're looking for we have a number of options -- we can run it off, sell it in pieces, we could decide to keep the retail private label cards," Chief Executive Stuart Gulliver said.


 


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