British banking major HSBC has axed 800 employees in its Brazil division, according the Contraf-CUT bank workers’ union.
Employees have staged protests against the lender due to the layoffs, and said that it would continue till the dismissed employees were reinstated.
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HSBC slashed 4.5% of its workforce across the South American giant, the union said.
At the end of June, HSBC had 21,911 employees in Brazil. The bank’s third-quarter earnings from Latin America dropped to $96m, though pretax profit for the entire bank increased 1.8% to $4.61bn.
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