Tuesday, August 2, 2011

HSBC set to launch hiring spree in Asia (after firing 30,000 people here)

HSBC is planning to hire up to 15,000 people in fast-growing markets in Asia and Latin America over the next three years even after confirmation of the bank's plans to cull jobs elsewhere.

Stuart Gulliver, HSBC chief executive, revealed plans on Monday to cut up to 30,000 jobs by 2013, as HSBC reported stronger-than-expected first-half results.

The cuts, which analysts expect will come mostly in Europe and the US, are part of Mr Gulliver's plan to strip up to $3.5bn from the bank's cost base by 2013.

Of the 5,000 job cuts already identified by the bank, 700 will come from the UK, the same in France and the rest from Middle-East and some parts of its Latin American operations. (more)