HSBC Lays Off 150 Employees From Back Offices In India
The logo for HSBC Holdings Plc is displayed on the bank’s headquarters building in Hong Kong, China. (Photographer: Anthony Kwan/Bloomberg)

HSBC Lays Off 150 Employees From Back Offices In India

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British lender HSBC has laid off 150 employees supporting global operations from back offices in India as part of a global move of "realigning" operations, sources said on Thursday.

The move comes weeks after German lender Deutsche Bank also started laying off employees supporting global operations as part of the exit from the equities business.

Job impacts at HSBC are "less than 150" and this is a part of "realignment as part of ongoing operations" at the lender, which employs 2.38 lakh people globally, the sources said.

Also read: Maruti Suzuki Cuts Over 3,000 Temporary Jobs Due To Slowdown

The job impacts are at the mid-management level at its centres in Pune and Hyderabad, they said. The bank employs over 15,000 people at its back offices, called as 'global capability centres', in the country.

When contacted, a bank spokesperson said, "HSBC is continually reviewing the shape of its workforce to ensure it can best serve its customers and other stakeholders."

Also read: Parle May Cut Upto 10,000 Jobs Due To Slowdown, GST Impact

The job impacts have happened due to a variety of concerns, including projects, individual performance and also redundancies, the sources said.

A media report on Thursday had pegged the total number of job losses at 200.

The move comes at a very difficult time domestically, where there are concerns on whether the ongoing economic growth slump would permeate into impacting jobs.

Also read: A Fiscal Stimulus Package Would Mean Precious Little For The Indian Economy, Says BofAML

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