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HSB Spokesperson Not Dismiss Rumored Cut of 50% Jobs in Certain Depts
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HANG SENG BANK (00011.HK) has undertaken an unusually extensive layoff action following the bonus distribution in late March, report told. Currently, the layoffs mainly involve the back-office support departments, including Strategy and Corporate Development, Information Technology, and Corporate Communications, affecting employees from senior to junior levels. The reduction ranges from approximately 10% to 50%, with the layoff action rumored to be completed by the end of June. Different departments have varied approaches to handling the layoffs, sources divulged. Some employees are dismissed immediately with compensation in lieu of notice, while others were notified a month in advance of their termination and will not receive compensation in lieu of notice. However, the bank provides severance pay superior to labor law requirements to all dismissed employees. Hang Seng Bank is following the example of its parent company, HSBC HOLDINGS (00005.HK), requiring employees in affected departments who have not yet been laid off to reapply for their positions, vying with both internal and external applicants. Hang Seng Bank is recruiting for over a hundred positions, and affected employees can apply for any position. If they fail to secure a job or voluntarily opt not to reapply, they will be treated as laid off. However, some Hang Seng employees required to reapply for positions have reportedly been internally decided to remain. In response to media inquiries, a Hang Seng Bank spokesperson did not negate the layoffs nor disclose the number of layoffs, only reiterating that the bank regularly reviews its business portfolio and operations, making appropriate adjustments, including optimizing or creating new functions, adjusting business structures, and enhancing employee skills to better provide quality services to customers, so as to address the rapidly changing market environment and increasingly diverse customer needs. AASTOCKS Financial News Website: www.aastocks.com |
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