Hongkong & Shanghai Banking Corp (HSBC) on Thursday said it will reduce its headcount in India by 193.
In the context of current economic conditions, the bank had earlier restructured this business. Every effort was made to redeploy staff freed up from this restructuring. About 620 people have been redeployed in suitable positions in the bank and other group entities in India. The leavers have been placed in the bank?s ?priority returner?s scheme,? which will give them first preference for suitable jobs that come up in the next year. The total number of jobs affected represents less than 0.53% of HSBC?s total India based personnel.
?We continually review our businesses in the context of the prevailing economic and market environment, to ensure they are operating efficiently. In the past few months, we have engaged in an exercise to restructure our consumer assets business so that we can focus on reducing costs, devote resources to areas that offer the most potential for growth and ensure that customer service remains at the core of our businesses,? said Naina Lal Kidwai, group general manager and CEO of HSBC India.