HSBC Lay off Job Cut: fires 1100 Employees

It's time for another financial giant to cut jobs and fire employees. This time, it is HSBC so called World's local Bank, has decided to fire 1100 employees and go for massive HSBC lay off or HSBC Job Cut. After the Massive Layoff in Financial Sector in 2008, where more than 50,000 employees from the Wall Street based investment banks and financial firms have been fired, this news of HSBC Job Cutagain comes as another big setback for the industry.

HSBC has plans to Cut 1,100 jobs in its global banking and markets operation division, mainly in the two biggest financial centers, New York and London. No wonder why the lay offs are concentrated to the 2 costliest financial capitals of the world - London & New York.

This will constitue 4% of the global banking unit's workforce, and is said to help it weather the global financial crisis.
As per the news, HSBC’s global banking and markets operation division has offices in more than 60 countries and territories, providing corporate banking, investment banking, trade services, payments and cash management and leveraged acquisition finance to institutional and corporate clients and governments. The 1,100 affected jobs include both front- and back-office operations. About half of them are in HSBC’s headquarters in Britain; around 100 contractors and temporary staff that serve supporting roles in Hong Kong, the bank's largest Asian operations base, will go; and the remainder are mostly in the United States and Europe. There are a around 35,000 employees of HSBC globally. It is still not clear that whether this lay off will continue with further job cuts or will it stop here.
The worst fear is that this job cut by HSBC or HSBC Lay off may trigger other firms to go for similar actions in the financial sector.
HSBC was the first international lender to report losses on its subprime mortgage exposure in the United States and has written down losses of $18.7 billion since the start of the global credit crunch last year