will HSBC plans to Cut jobs in 2013

will HSBC plans to Cut jobs in Hong Kong ‎2013- news HSBC to Cut 3000 Jobs in Hong Kong ‎2013 ; HSBC Holdings Plc (NYSE: HBC) plans to cut nearly 3,000 jobs over the next 3 years in Hong Kong as part of a global restructuring. It will try to redeploy some staff elsewhere in the company, so the number of lost jobs may be less than 3,000. The job cuts in Hong Kong are part of a first wave of a global reorganization, which will also include restructuring at operations in the U.S., Canada, Mexico and Brazil, a spokeswoman said.

According to company sources, it intends to cut 30,000 jobs worldwide by 2013 and sell almost half its retail bank branches in the U.S. as part of a new strategy to focus on fast-growing emerging markets. It states that the job cuts will result in sustainable cost savings and improved cost efficiency to the tune of $3.5 billion. HSBC employees nearly 23,000 people in Hong Kong and 296,000 worldwide.

Citing a memo from HSBC Asia-Pacific CEO Peter Wong to employees, Radio Television Hong Kong reports that the redundancies would mainly involve managerial positions in the firm's back-office operations. He was cited as saying that the move was necessary to streamline the bank's structure, increase efficiency and reduce costs.

Hong Kong remains one of HSBC's key markets, with its operations there contributing nearly a third of the U.K. lender's pre-tax profit in the first half of this year. The bank, which was founded in Hong Kong in 1865, operates in the Asia-Pacific region as Hong Kong and Shanghai Banking. The bank declined to say what positions in Hong Kong will be involved in the restructuring. It is also unclear whether there will be a net decrease in HSBC's headcount in Asia following the exercise. The bank has said it plans to hire at least 2,000 people in mainland China and Singapore over the next five years.

In August 2011, HSBC had agreed to sell its card and retail services business in the U.S. to Capital One Financial Corp. Shares of HSBC closed Tuesday’s trading at $41.80 per share. source www.bloomberg.com

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