In Hong Kong there is a news report that HSBC will neither confirm nor deny. Union representatives say they have information suggesting that around 1,000 of the 18,000 people employed by HSBC in Hong Kong will lose their jobs as early as this week. HSBC cut 550 jobs in Hong Kong in September and November last year as the economic slump began to take its toll on the bank. Other sources report that number as 450.

All departments of the Asian unit were recently told to prepare a list of people to be sacked, Hong Kong Confederation of Trade Unions organizing secretary Vincent Sung Chee-tak said. About 1,000 people face the ax, he added.

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