HSBC will announce more losses from United States division HSBC Finance on Monday. We await the news, since the amount of the loss is only speculation at this point. Estimates ranged from $870 million to $4 billion (USD), but that is not what interests us.
Will HSBC acknowledge layoffs, reorganization, and their ongoing optimization? Clearly the issue is important to those being optimized. Business students might be interested to know how a global bank can reduce a division to half of its original strength without making the news. We want to know as well, and so do many employees of HFC and Beneficial.
I remember my college days. In classes like ‘Moral values in today’s society’ and ‘Ethics in business’, or business law, students should discuss the ethics of keeping secrets from a business division and thousands of people effected by changes in structure and manpower. Read our ‘Jobs and Layoffs’ category to see more. I also remember my years as a contractor, where we often knew that something was happening, but nobody was honest enough, or enough of a man, to tell us what was in our immediate future.
HSBC will make an announcement tomorrow (Monday), and if the announcement does not address layoffs and HSBC plans, we will contact a friend of ours who is also a reporter. Maybe he can get some answers.
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This is the only news, anywhere in the world, regarding HSBC and layoffs:
Monday, November 10 — HONG KONG (Reuters) - The Asian arm of HSBC Holdings may cut 600 more staff as economic conditions worsen, Hong Kong’s Standard newspaper reported on Monday, citing unnamed sources. HSBC spokesman Gareth Hewett declined to comment. [HSBC] said it was cutting 1,100 jobs in its investment banking operation, or 4 percent of the unit’s total, including about 100 in Hong Kong, where the bank’s Asian unit is based.