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HSBC may cut 600 jobs in Asia: report

HONG KONG
Mon Nov 10, 2008 3:02am EST

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A tram passes HSBC headquarters in Hong Kong November 10, 2008. REUTERS/Bobby Yip

HONG KONG (Reuters) - The Asian arm of UK bank HSBC Holdings (0005.HK)(HSBA.L) may cut 600 more staff as economic conditions worsen, Hong Kong's Standard newspaper reported on Monday, citing unnamed sources.

HSBC spokesman Gareth Hewett declined to comment.

In September, the bank said it was cutting 1,100 jobs in its investment banking operation, or 4 percent of the unit's total, including about 100 in Hong Kong, where the bank's Asian unit is based.

HSBC was scheduled later on Monday to release its interim management statement and third-quarter results for its U.S. business.

(Reporting by Tony Munroe; Editing by Jonathan Hopfner)


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