British banking giant HSBC has slashed over 150 jobs from its UAE banking operations as part of global cost reduction plan.
Jobs were cut mainly done in the bank’s retail banking wealth management and commercial banking divisions. While, the investment banking unit of the bank remained unaffected by the move.
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"But there are talks of more job cuts to come in the months ahead," Gulf News reported citing undisclosed sources familiar with the development.
HSBC Middle East’s retail banking and wealth management business posted a pre-tax profit of $29m for the quarter ended September 30, down $91m reported for the year ago period.
The bank is implementing a three-year plan, which will see its full-time employees to drop down by about 10 per cent in number, The sale of businesses will lower headcount by a further 25,000, helping cut annual costs by $4.5bn-$5bn by the end of 2017,
HSBC in its June investor presentation announced that it intends to cut 50,000 jobs over the next two years by closing retail branches, shrinking its investment bank and selling its operations in Brazil and Turkey. The sale of businesses is expected to reduce headcount by a further 25,000, helping cut annual costs by $4.5bn-$5bn by the end of 2017.
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