HSBC to cut HK 3,000 jobs in restructuring

By KELVIN CHAN | September 7, 2011 | 5:50 AM EDT

HONG KONG (AP) — HSBC says it's cutting about 3,000 jobs in Hong Kong as part of a global restructuring.

An HSBC spokesperson said Wednesday that the jobs would be cut over the next three years. She spoke on condition of anonymity in line with company policy.

The spokesperson said the bank will try to redeploy some staff to other roles elsewhere in the company so the number of people actually losing their jobs may be less than 3,000.

The cuts are part of a strategic reorganization of the bank to make it more efficient and less bureaucratic.

The spokesperson said the job cuts in Hong Kong are part of a first wave of global cuts, which will include layoffs at operations in the U.S., Canada, Mexico and Brazil.