HSBC India shows the door to 300
By siliconindia   |   Thursday, 17 April 2003, 19:30 IST
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HSBC India has asked close to 300 employees, many of who are senior managers, to leave the bank. Grappling with low margins in its retail business the British bank is also reviewing its bonus structure and salaries across the board, according to a business daily in India.

MUMBAI: The bank has identified 24 senior managers in various retail businesses together with hundreds of employers down the line who would have to leave. While a few officials in the corporate bank may have to quit, the papers quoting sources said that the corporate and the treasury would be largely unaffected by the present decision. The job cuts would enable HSBC save Rs 20 crore annually from its Indian operations. The paper said, “like every organization HSBC also looks at improving its efficiency. However, we are not in a position to comment on rumors. If there is such a proposal, the staff will be approached first.” Together with the ongoing exercise, HSBC India is likely to see other changes at its senior level. Deputy CEO Sanjeev Bhasin is tipped to assume charge as chief operating officer (COO), while Tarun Mehrotri, head of treasury, is expected to shift to HSBC Hong Kong. (Courtesy: Economic Times)

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