“It is confirmed. 102 branches closing in the United States! HSBC has proven again that they really don’t care about their people when it comes to making choices. Meetings are in progress starting October 29, 2008 and the districts will be communicating their managers some time next week. We are going from 13 divisions to 9 divisions in the country. The major impact will be in Florida, California, and Arizona. Four DGM’s in the country are being asked to step down or offered severance package. Don’t have exact numbers how many DSM’s, BSM’s and sales staff will be impacted. But again it’s that time of the year where HSBC is laying off people during holiday season like they did last year in 2007.”
Editor’s Note: Oddly enough there is nothing in Google News about these layoffs as of this morning. Remembering back to last year at this time, HSBC finally commented after the fact, but others claimed that reorganizating only effected a small number of people, thus it was not newsworthy. For real people, however, even if a company has four salespeople and is downsizing to only three salespeople, it is a major moment. (The report above was received late last night.)
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