HSBC Lay off Job Cut: HSBC fires India employees

It was in September when there were reports that HSBC fires 1100 Employees. The financial turmoil is taking a big toll on all the sectors of the world, especially the financial sector and no geographical location is shielded from it. The latest one to add to the list of lay off or Job Cuts is the HSBC Bank in India, which is reported to have laid off many employees as a measure of cost cutting.

In these times of slowdown most organizations are following the practice of cost-cutting and turning off employees. Even HSBC India has unwaged employees from its recently acquired broking house in Mumbai, Investsmart.

Which division of employees are affected in the HSBC Lay off Job Cut
Employees in the merchant banking and institutional business divisions of Investsmart have been laid off by the company.

How many employees have been asked to leave due to HSBC Lay off Job Cut
Many employees have been offered an alternative job, but some have been asked to march out. It is reported that the no. of such employees is around 15 to 20.
HSBC India has sent the employees on a paid leave of one month and plans to terminate their employment if the employees do not quit during this notice period.

What have been the development of HSBC recently?
In May 2008, HSBC India acquired Investsmart by taking over the stake of US-based online broking firm E*trade and IL&FS.
The employees are complaining that many high profile and high earners are being retained but many other low earners are facing job cuts at the expense of the former.

Let's hope that alternative jobs are available to the affected employees of HSBC India Lay off Job Cut.