Two months after global banking giant HSBC said there would be no job cuts in India and other growth markets, it has resorted to rightsizing in India. Industry sources said at least 15 senior and middle-level employees have been asked to leave.
The official spokesperson, when contacted, however, denied any such development.
The banking giant had said on August 1 that it would cut 30,000 jobs globally by 2013 and sell half its retail bank branches in the US as part of its strategy to focus on emerging markets.
HSBC in India has about 6,000 employees. HSBC’s India operation is the sixth largest in terms of growth globally.
“There is uncertainty and the situation is tense among employees as the management is screening businesses with a fine toothcomb,” an employee of the bank told Hindustan Times on conditions of anonymity.
The bank said it would review all its businesses through five filters as stated during the group’s strategy day in May this year to improve efficiencies. Sources within the organisation said that the move is part of the review exercise.
HSBC has come up with a new way of assessing efficiency and productivity of businesses through the five filters, which include connectivity across the group and future economic potential besides others areas such as profitability, efficiency on a cost-income measure and liquidity.
“HSBC has a lot of flab and in the present context and it would be looked into,” a human resource executive said.