HSBC/2011 results

Bureaucratic HSBC cuts 30,000 jobs

Hong Kong is in the firing line for the 30,000 jobs that HSBC will cut, says Stuart Gulliver, although the bank will also be hiring in Asia-Pacific in some specific areas.
HSBC group chief executive Stuart Gulliver, flanked by Asia-Pacific chief executive Peter Wong right and chief executive of Hong Kong Mark McCombe left, during yesterday's announcement AFP

HSBC said yesterday that Hong Kong will not be spared as it cuts 30,000 jobs worldwide and seeks to re-focus on emerging markets.

The 13th-floor conference room where HSBC made the announcement was chock-a-block, and there were as many photographers and video cameras as reporters, reflecting how much share of mind HSBC wields in Hong Kong.

Valiantly, Stuart Gulliver, HSBC’s group chief executive, tried to keep the focus...

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