Company Layoffs

HSBC to cut 14,000 staff worldwide in cost-cutting push

HSBC has already achieved US$4 billion (HK$31.0 billion) of annualised sustainable cost savings, and plans another US$2 billion to US$3 billion (HK$15.5 billion to HK$23.3 billion) in cost savings between next year and 2016. Photo: SCMP

HSBC will slash 14,000 more jobs worldwide to save an extra US$2-to-US$3 billion in costs by 2016 as the bank strives to revive profits in the face of fragile growth prospects for the industry.

Thursday, 16 May, 2013, 5:48am 4 comments

Sacked insurance staff stage protest at HSBC offices in Shanghai

HSBC Life Insurance fired its sales team of about 130 staff. Photo: AFP

HSBC Life Insurance, a 50-50 joint venture with National Trust, fired its sales team of about 130 staff in what the largest bank in Europe said was a plan to focus on bancassurance.

21 Mar 2013 - 5:33am

Societe Generale sees loss on Newedge write-down

Societe Generale has been cutting jobs and selling assets.

Societe Generale cut jobs and sold assets last year to cope with stricter international capital and liquidity rules after French banks had their access blocked to US dollar funding and European debt markets. The write-downs and litigation costs in the quarter offset a rebound in earnings at the corporate- and investment-banking unit, where the firm trimmed about 1,600 jobs after shuffling management.

14 Feb 2013 - 4:41am

Barclays to axe 3,700 jobs and cut costs after Libor losses

Barclays is to axe at least 3,700 jobs and prune its investment bank in a bid to cut costs and improve standards. Photo: Reuters

Barclays said it would "reduce headcount by at least 3,700 across the group, including 1,800 in the Corporate & Investment Bank and 1,900 in Europe Retail and Business Banking". Barclays employs 140,000 staff.

13 Feb 2013 - 12:50am

Deutsche Bank's €2b loss is 8 times analysts' estimates

Litigation and restructuring charges have pushed Deutsche Bank into a fourth-quarter loss of €2.17 billion. Photo: Reuters

The bank's co-chief executives, Juergen Fitschen and Anshu Jain, are restructuring operations and bolstering capital levels, the lowest among Europe's biggest investment banks, in their first year in charge, to help meet stricter banking rules.

1 Feb 2013 - 5:38am

Barclays axes Hong Kong investment banking jobs

Barclays may pay up to three months' salary to the staff being made redundant. Photo: Bloomberg

Barclays, Britain's second-biggest lender, began to cut more than 80 employees in its Asian offices yesterday, as part of the firm's global efforts to downsize its investment banking business.

25 Jan 2013 - 4:54am

Tyler spreads wings for his next challenge

This CEO's corner office on the top floor was always more functionally furnished than a power play for the command centre of one of the world's top airlines. But now it looks forlorn, with empty spaces and scattered brown packing boxes.

28 Mar 2011 - 12:00am

Tune out, log in

In July 2009, in the wake of deadly ethnic rioting in Urumqi , China cut off internet access to parts of the city, and did not restore full access for 10 months. The ability to control the internet and block text messaging and mobile phone services, which can be used to organise protests, has become part of the armoury of authoritarian governments worldwide.

23 Feb 2011 - 12:00am

Alarm after lift scare

Calls for tighter controls over lift contractors have been prompted by an incident at the weekend when two passengers were trapped on a housing estate in Ma On Shan.

An independent engineer believed poor maintenance was to blame, while a unionist said staff cuts at lift contractor Sigma Elevator (Hong Kong) might have compromised the quality of maintenance.

14 Feb 2011 - 12:00am

UBS sets sights on Asia-Pacific

With two members of its group executive board located in Hong Kong, Swiss financial giant UBS plans to step up its game in the Asia-Pacific, saying it would double its revenues in the region within three to five years.

It also plans for Asia to contribute a full third of UBS Group revenues in the long term.

12 Jan 2011 - 12:00am

Unions fear meal benefits will be cut

Unions fear employers may take a cue from a government reminder on labour rights to cut employees' mealtime benefits before the minimum wage takes effect next year.

14 Dec 2010 - 12:00am

Macau reins in development with rejection of Sands' plan for Cotai

Five years ago, Sheldon Adelson stood on a stage at a press conference in Macau and spoke of his vision for an 'Asian Las Vegas' - 20 casino mega-resorts featuring 60,000 hotel rooms that he planned to build on the Cotai strip.

4 Dec 2010 - 12:00am

Tim Noonan

I am not a guy who laughs easily. You have to resist an obvious joke, which is why a good chuckle has to be earned. But these days I am rolling in the aisles thanks to our good friends at Fifa (Federation Internationale de Football Association). As caretakers of international football, Fifa controls the most valuable property in sports in the World Cup.

24 Oct 2010 - 12:00am

Lai See

HSBC less than mutual over Nedbank decision

21 Oct 2010 - 12:00am

Barclays sails through global storm profitably

John Varley is a rare species - a banker who for two years declined to take a bonus despite helping his bank to make profits throughout the global financial crisis.

4 Oct 2010 - 12:00am