Layoffs Watch '14: HSBC


A whole bunch of bankers and various other members of Team Hongkong and Shanghai Banking Corporation were said to come back from Labor Day to an unfortunate surprise.

From the front lines:

"29 commercial/corporate bankers returned from the Labor Day break to find that their 'break' was extended indefinitely... more than a handful were in the NY office, including large corporate and the retail and apparel industry teams, with the rest spread out across the country (which, of course, is comprised of HSBC offices that two years ago either didn't exist or were much smaller)."