HSBC 'frees up' 500 employees in India

By SiliconIndia   |   Monday, 30 March 2009, 03:26 Hrs   |    3 Comments
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Kolkata: The multi-national banking giant Hongkong and Shanghai Banking (HSBC) has freed up 500 employees in India for redeployment, in the wake of the economic downturn. In case of an absence of suitable positions for the employees, the freed up workforce will be considered redundant.

The bank has not opted for layoffs in India but the sources said if the freed-up employees were unable to find internal slots, they would have little option but to resign, reports The Telegraph. An HSBC official said, "Our business strategies have to be flexible to adapt to emergent challenges. We have evaluated our businesses and, as a result, we had to free up some staff members from their current activities. We are currently undertaking a pan-India exercise to re-deploy these staff to other businesses within the group." At least 35 employees in Calcutta are among the 'freed up'.

HSBC has recently announced that it would slash around 1200 jobs in Britain. Currently, the bank has an employee base of 7,500.

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