I definitely was not surprised at the announcement of a record number of company layoffs but when the HSBC claimed that about 30,000 layoffs were set to occur by 2013, I was a little taken back by the amount of layoffs. The HSBC is pretty much the World’s bank when it comes to financing, mortgages and just about any other type of financial transaction worldwide. Even though the bank has seen an increase in the percentage of their sales they have still already let go about 5,000 employees!
Throughout the world HSBC has almost 300,000 employees so that is why some are seeing this company layoff a small amount in contrast to the total amount of people working for HSBC. However, any kind of company layoffs are never easy and can put thousands of people out of work and more.
When it comes down to which departments are getting cut, I can’t quite give you that information yet. Why not? Well simply because the representatives of HSBC are not willing to disclose that information and are simply telling us that the cuts will be made inevitably somewhere throughout the company.
Why Company Layoffs Hit So Hard
We all have families, bills, expenses and lives to live and that all requires money. I feel for the next 25,000 employees who are said to lose their positions with HSBC in the next couple of years. This is actually a prime example of why I chose to make money online rather than with an unstable financial institution. HSBC really got hit hard back in 2003 with the housing market started to take a turn for the worse and while they are seeing some slight improvements today, they are nowhere near where they used to sit in the financial tower. (more…)