Date
18 January 2017
HSBC will keep recruiting in the PRD region despite the group's overall plan to cut costs, says Peter Wong. Photo: HKEJ
HSBC will keep recruiting in the PRD region despite the group's overall plan to cut costs, says Peter Wong. Photo: HKEJ

HSBC to keep hiring in Pearl River Delta region: Peter Wong

HSBC Holdings (00005.HK) will continue recruiting in the Pearl River Delta (PRD) region despite the group’s decision to freeze the overall headcount and salary expenditure, a senior executive said.

Peter Wong, deputy chairman and chief executive of HSBC Asia Pacific, said the bank will keep hiring in the PRD region as it is a key market, the Hong Kong Economic Journal reported. 

HSBC’s Hong Kong arm, the Hongkong and Shanghai Banking Corp., earlier unveiled a plan to hire 4,000 new staff in the delta region.

In other comments, Wong said that HSBC is still in discussions over a possible relocation of its headquarters out of the United Kingdom.

Reuters reported Monday, citing sources, that HSBC could take a decision by early next week.

HSBC aims to slash its costs by US$4.5 billion to US$5 billion by the end of 2017 and trim its headcount by up to 25,000, the bank said last year. 

The group currently has about 250,000 workers, including 20,000 in Hong Kong and another 10,000 under its China operations and subsidiary Hang Seng Bank (00011.HK).

Other lenders, including BOC Hong Kong (02388.HK), Bank of East Asia (00023.HK) and Standard Chartered Bank (Hong Kong), are also reviewing their headcount due to the challenging market environment.

[Chinese version中文版]

– Contact us at [email protected]

VW/JP/RC

Hong Kong Economic Journal

EJI Weekly Newsletter