HSBC cuts 1,100 jobs worldwide amid turmoil

Business Materials 26 September 2008 14:08 (UTC +04:00)

Banking giant HSBC Holdings says it is cutting 1,100 jobs worldwide in the wake of the financial turmoil.

Spokesman Gareth Hewett in Hong Kong said Friday the London-based lender is laying off 4 percent of the global banking and market operations, with half of them taking place in the bank's operation in the United Kingdom, reported CNN.

In Hong Kong, HSBC, which operates in Britain, Europe, Asia and the Americas, is laying off 100 staff.

Peter Wong, the banking group's executive director for Hong Kong and China, did not rule out the possibility of further layoffs.

HSBC shares were down 0.08 percent at HK$123.5 at midday close.