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Global heat may singe HSBC India

Even as HSBC said that Asian markets would drive growth and employees have no reasons to fear after a string of job cuts announced by the global banking major, staff at HSBC India said the review of businesses in the country could see several heads roll.

india Updated: Aug 11, 2011 00:48 IST
Mahua Venkatesh

Even as HSBC said that Asian markets would drive growth and employees have no reasons to fear after a string of job cuts announced by the global banking major, staff at HSBC India said the review of businesses in the country could see several heads roll.

HSBC employs around 6,000 in India.

Though the official spokesperson of the bank made all attempts to allay fears, employees said the evaluation exercise could see a soft restructuring of human resources (HR).

"While Asia is a growth story, all our businesses will be reviewed via the five filters as stated during the group’s strategy day in May this year, as we continue to look for opportunities to improve efficiencies," an official statement of the bank said.

The bank has come up with a new way of assessing efficiency and productivity of businesses through the five filters, including connectivity across the group and future economic potentials besides others areas such as profitability, efficiency on a cost-income measure and liquidity.

However, "the bank is flabby and a rightsizing exercise cannot be ruled out," said an HR practitioner on the condition of anonymity.

The spokeswoman, however, has said that there was no panic-like situation among employees with all channels of communication open to them for clarifications and constant dialogue.

Globally, the bank plans to slash 30,000 jobs, a move aimed at reducing bureaucracy, while ensuring greater level of efficiency. According to the bank, the strategic overhaul would significantly boost profitability.