HSBC Layoffs Job Cut: fires 6100 employees (Loan officers)

The world's local bank is not having any good news for its employees. The news is not good for the employees of HSBC.The banking giant which was recently in news about being one of top-line banks which had not requested for any bailout, and there were also news about a possible proposed rights issue at a much discounted price, has declared that it is going to cut jobs. The recession is taking a toll on all sectors and the finance sector is the worst hit. The latest additon to the list of companies going for layoffs is the HSBC.

How many employees may be fired in the HSBC layoffs?
There could be around 6100 layoffs by the HSBC organization.

What is the total no. of employees of HSBC?
Total No. of employees of HSBC is not known as of now.

Which locations will be affected by the HSBC Job Cuts?
Amherst, West Seneca, and Batavia are the locations which will be affected by the layoffs. HSBC has a consumer landing branch in these locations called "Beneficial" and since the bank is getting out of the consumer lending side, these locations and it employees here will be affected.

Which business segments of HSBC will be affected in the layoffs
HSBC is getting out of the consumer lending side of the business in the United States and laying off workers in that division.

When will the HSBC layoffs happen?
THough there are no confirm dates about when the layoffs will be made, but it is learnt that they will be done as soon as possible. There will be a 30 day notice served to the affected employees.

How much savings can be made by the company from the layoffs?
Around 20 billion dollars is the expected pre-tax savings to be made by HSBC.

Any severence package offered to the affected employees?
Yes. HSBC officials have reported that all the affected employees will receive detailed information about benefits, severance, internal job opportunities and outplacement services.

What is the primary reasons for HSBC layoffs?
Major reason is for cutting costs in the face of a slumping economy and higher credit losses.

Any other news about HSBC layoffs
As per WKBW, Despite a steep drop in profits HSBC still made money in 2008 in every market except North America. Much of it came from an increase in commercial lending and a growth in private banking, especially in Asia. These layoffs will not affect any of the HSBC bank branches in Western New York.
Let's hope that alternative jobs are available to the affected employees of HSBC Layoffs Job Cut