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Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: HSBC to cut 500 jobs in Asia as slump takes toll AP - 2 hours 59 minutes ago HONG KONG - HSBC Holdings PLC, Europe's largest bank by market value, plans to cut 500 jobs in Asia due to the global economic slump. The cuts will be made in various parts of the business, including back office functions, with about 450 jobs in Hong Kong to be shed, the London-based lender announced to employees Monday. The bank decided to trim its work force because of "organizational changes in a number of areas as well as the deteriorating economic conditions and our cautious outlook for 2009," Peter Wong, an executive director for Hong Kong and China, said in an internal message released by the bank. "In this day and age no guarantees of job security can be given," he said. In September, the bank announced 1,100 job cuts worldwide in the wake of the financial turmoil. HSBC has been hit hard by the financial crisis. The bank was forced to write down the value of its assets by $4.9 billion in the third quarter, as the cost of bad loans in the U.S. continued to mount and the credit market faltered. Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Russia daily c.bank swap limit at 20 bln roublesReuters - 23 minutes ago Japan opposition seeks to force early electionReuters - 23 minutes ago Severstal cuts EBIDTA forecast, defers $8 bln capexReuters - 23 minutes ago India ICICI Bank sees interest rates coming downReuters - 26 minutes ago RPT-GLOBAL MARKETS-Bank fears resurface, Asia stocks sinkReuters - 28 minutes ago Most Popular – Business Viewed Citigroup to slash 50,000 jobs, expenses worldwide Exercise, sleep cuts cancer risk: study Earth would be heading to a freeze without CO2 emissions Prince Charles wants to speak out as king: biographer Obama and McCain pledge 'new era of reform' View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular

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