A report from Hong Kong, citing unnamed sources, said 300 to 400 HSBC staff could be unemployed as soon Monday morning.
The Apple daily, a Chinese language paper, quoting the unnamed sources, said the job cuts are in response to the gloomy business outlook and will involve workers in all departments and in all ranks. The report added that the U.K. lender will adjust the bonus calculation mechanism for remaining staff, in a bid to boost morale. But what about moral in the United States?
Job losses, demotions, and restructuring continues in the U.S., with no news about the matter. No unnamed sources have stepped forth, and HSBC refuses to acknowledge the matter. Layoffs and restructuring at HSBC Finance also happened last year at this time, and HSBC Finance employees are getting weary. There is no place like home for the holidays, so to speak.
Meanwhile we will wait until Monday to see what happens in Hong Kong. The idea is pretty slick and polished. Pay bonuses to those remaining, take the charge this year, and add it to the cost of layoffs. Then don’t give any pay raises to those who got the bonuses. Pretty sneaky, is it not?
Related posts:
