“The news of job cuts is always a little disturbing and there is bound to be some fear.”
There is concern in the air at HSBC’s India offices after the global banking group on Monday announced it would slash 30,000 jobs worldwide as part of a restructuring plan.However, for the banking giant’s India operation, the sixth largest in terms of growth globally, there is more cause for cheer than fear. HSBC plans to continue with its recruitment plans and focus on expanding its India operations. "There is no panic and we remain to be net hirers as India is a strategic market for the bank," the spokeswoman of the bank told Hindustan Times.
“I think India already has a very high attrition rate,” said Stuart A Davis, chief executive, HSBC India. “We are hard-pressed to even catch up on the replacements .There is a war for talent out there, (however) as I said, there will be reallocation of resources.”
The re-allocation of resources is not going to be job cuts, he said.
According to industry analysts, with new banks waiting to enter the Indian market in the next few months, HSBC will not be in a position to downsize in the domestic market.
There is no panic-like situation among employees with all channels of communication open to them for clarifications, the spokeswoman said.
“The announcement to slash 30,000 jobs globally was aimed at reducing bureaucracy, while ensuring greater level of efficiency,” she said. “However, the Asian markets are very different for us and there is absolutely no cause for concern here.”
(with PTI inputs)