No layoffs in Hong Kong vows HSBC

HSBC's Asian operations expand as it fired 1,700 employees in Britain due to stale European economy.

"It's really the British side's affair," said Vincent Cheng Hoi-chuen, chairman of local arm Hongkong and Shanghai Banking Corp in a report in the Standard. "The European economy is not faring well, so it's not surprising to have positions reduced or natural wastage to compete better."

Cheng said in Hong Kong the bank has been recruiting staff, especially for frontline jobs.
HSBC sacked some 650 workers late last year and early 2009 when the global financial crisis began to bite hard, but hired 100 people in August.

And its insurance business said earlier this week it is hiring more financial services officers.

HSBC will continue its Asian expansion while maintaining its present scale of its business in Britain, Cheng said.