In Florida, one office in Tallahassee, Ocala and Jacksonville are closing. But most closings are in Orlando, Tampa, and South Florida. It is evident that HSBC does not want to retain the managers of these closed offices. Most of the affected managers are being offered 1 of 2 options: a drastically reduced base salary (in some cases half of their current salary) and a demotion to account executive or severance. Most are taking the severance package. Do you blame them? It is a shame that so many talented people are being lost. This is the 3rd “optimization” that has occured within 1 year. What’s really interesting is how secretive these layoffs are. With these latest layoffs, the number of branches left in the US is around half of what it was a year ago. My questions is why is there not any media coverage or news stories like when most other major corporations downsize?
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