HSBC to Focus on Emerging Markets

HSBC has slashed 1,100 jobs in its investment banking division in response to slumping financial markets. The cut last week represents roughly 4 percent of the bank’s total number of employees in its global banking and markets division. The cuts affect about 500 staff in London, including back office and temporary workers, with the remainder of the layouts being in Europe and the U.S.

However, the Financial Times reports that despite the gloomy prognosis for capital markets in 2009, HSBC is determined to focus its investment banking operations in emerging markets such as Asia and the Middle East, where executives believe the bank has strong growth prospects.

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