HSBC layoffs - 100 pink slips handed out in New York


Heads are rolling at British banking giant HSBC, which boasts a big presence in the Big Apple, The Post has learned.

Sources said the bank, which has approximately 4,700 staffers in New York, doled out pink slips to about 100 staffers yesterday.

And more could follow.

Bankers and traders in the firms global banking and markets group were the hardest hit by the cuts.

Back-office workers who help process trades, private bankers who cater to deep-pocketed clients and insurance staffers are among some of those who got the ax.

Senior-level staffers werent spared the hatchet either, comprising the vast majority of yesterdays firings.

At least some workers are being offered the possibility of other positions elsewhere in the company, but thats an unlikely scenario for most given HSBCs plan to get leaner in the next few years.

Indeed, the layoffs are a part of HSBCs efforts announced back in May to slash as many as 30,000 workers globally by 2013 and streamline the lumbering financial behemoth, which has locations in nearly 90 countries.

An HSBC spokesman said the reductions are part of a plan by the bank to enhance the effectiveness of our US organization and position us for growth in areas of strategic focus.

To that end, the firm is hoping to focus on trading, international finance and wealth management as it shrinks in other areas.

The spokesman declined to comment on the banks specific layoff plans.

Source: iStockAnalyst