Hong Kong is expected to suffer along with other economies amid the world's economic slowdown but should be the first in the region to rebound, according to HSBC Holdings group chairman Sir John Bond.
However, he would not rule out the possibility that HSBC would layoff staff following the economic uncertainty that has occurred since the September 11 terrorist attacks.
'We never rule out laying off staff but for HSBC it will always be the last resort,' he said after addressing the Hong Kong General Chamber of Commerce yesterday.
'We would always prefer to handle it on a voluntary basis.
'I am afraid in a free market there are no guaranteed jobs, including mine.'
Last week Bank of China announced it would release more than 400 employees following the merger with its 10 Hong Kong-based sister banks.
Sir John said it was hard for Hong Kong's open economy not to be affected by the rest of the world.