Last night we saw an HSBC commercial during Grey’s Anatomy and thought, Huh, they’re one of the few global banks not affected by the events of the past couple weeks. Apparently we were wrong.
The firm will be cutting 1,100 jobs worldwide in light of current market conditions, most of which will be from its London office.
Still, things could be worse.
BBC: Banking giant HSBC is to axe 1,100 jobs worldwide, blaming the current financial turmoil for the decision.
About half of the cuts, which will affect back room jobs at its global banking and markets operation, will take place in the UK.
An HSBC spokesman said the firm had opted to reduce its workforce, “because of market conditions and the economic environment, and our cautious outlook for 2009”.
Many of the job-losses will be at the headquarters of HSBC’s investment banking division, which are in London’s Canary Wharf.
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