HSBC to cut 600 employees

Bangalore: HSBC Holdings, a UK based bank has decided to give pink slips to 600 employees of its Asian branch, based in Hong Kong, as a result of the economic crunch.

Earlier, the bank had announced that it was cutting 1,100 jobs in its investment banking operation in September. It comprises four percent of the total workforce which includes 100 in Hong Kong.

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HSBC has also planned to release its interim management statement and third-quarter results for its U.S. business.It did not report figures for net profit or revenue but said it had been forced to write down the value of its assets by $4.8 billion in the third quarter, hurt by the global financial crisis.

Michael Geogheagan, Chief Executive Officer, HSBC said, "Recovery depends on the success of further economic stimulation, which is likely to take some time to take effect."

In August, HSBC reported that net profit for the first half of the year � the six months through June 30-plunged 29 percent to $7.7 billion from $10.9 billion during the same period last year.

The biggest losses came from the North American market, which HSBC depends on for a quarter of its revenue. Operations there posted a first-half loss of $2.9 billion, compared with profit of $2.4 billion a year earlier.