HSBC lays off 193 employees in India

Foreign lender, HSBC has decided to cut 193 jobs in its Indian consumer assets business segment after it reviewed the portfolio in the backdrop of the prevailing economic conditions.

Foreign lender, HSBC has decided to cut 193 jobs in its Indian consumer assets business segment after it reviewed the portfolio in the backdrop of the prevailing economic conditions, the bank said.

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The bank is restructuring its consumer assets business division in the country owing to the economic downturn and had made "every efforts to redeploy the staff," HSBC said in a statement on Friday.

"Some 620 people have been redeployed in suitable positions in the bank and other group entities in India. The leavers have been placed in the bank's priority returners scheme which will give them first preference for suitable jobs that come up in the next year," the statement said.

Total number of jobs affected represents less than 0.53 per cent of HSBC's total India staff, the bank said.

"In the past few months, we have engaged in an excercise to restructure our consumer assets business so that we can focus on reducing costs, devote resources to areas that offer the most potential for growth," HSBC India Chief Executive Officer, Naina Lal Kidwai said.

HSBC has a total staff strength of around 36,650 people in India.