HSBC PLC may be scaling back in countries and businesses around the world, according to a strategy unveiled on Tuesday, but Asia is one area the bank is bullish on. Executives on Tuesday repeatedly referenced the bank’s “pivot to Asia,” –a move they say has already been taking place and which is set to increase further in coming years. Countries in Asia are fast-growing and will continue to contribute to the bank’s bottom line, executives said. That’s why, even as the bank announced plans to exit Turkey and most of Brazil, as well as up to 50,000 job cuts by 2017 as a result of those disposals and an investment banking shakeup, Asia remains key. [WSJ]
Layoffs Watch '15: HSBC Was Kidding About Cutting 20k Jobs (It's Going To Be A Lot More Than That)
Something in the range of double that...and then some.
Layoffs Watch '12: Deutsche Bank
The Germans are not yet done firing employees in Asia. Deutsche Bank fired around a third of the staff in its Asia equity derivatives business on Tuesday, as part of a global cost savings plan announced on July 31, according to sources familiar with the matter. Just over 20 people remain in the division, down from a number in the mid 30s, according to one source, as Deutsche Bank and others seek to cut costs in businesses that are failing to generate adequate revenues as the global economy slows. The bank let go five traders, four product structurers and at least one salesperson from the division, the sources said, adding that the numbers were not yet finalised because the discussions were continuing...These cuts follow on the heels of layoffs in June in Deutsche Bank's Asian equities business, which like its counterparts at other firms globally has been struggling this summer due to slack trading volumes and a sharp decline in new share issuance. Deutsche Bank cuts a third of jobs in Asia equity derivs [Reuters]
Layoffs Watch '15: HSBC Probably Going To Cut 20,000 Jobs
Or it could be a mere 10,000. The details are still being hammered out.
Bank Of America To Fire A Bunch Of Employees Just For Fun
Actually, we don't know several dozen employees in the bank's global markets unit in Asia are going to be fired, only that these cuts are not part of Project New BAC (the company's plan to save $8 billion by laying off 40,000), so "just for fun" is one possibility. Bank of America plans to cut about 40 jobs at its global markets unit in Asia, a person with knowledge of the matter said. The reductions aren’t part of the Project New BAC program announced last year to pare expenses, according to the person, who asked not to be identified because the matter is confidential and declined to provide additional details. Shirley Wong, a Hong Kong-based spokeswoman for the Charlotte, North Carolina-based bank, declined to comment. [Bloomberg]
Layoffs Watch '16: Only YOU Can Help HSBC Cut $5 Billion In Costs
Employees across the pond know what we're talking about.