Hang Seng Axes Jobs in Restructuring
HSBC-backed Hong Kong lender Hang Seng is cutting jobs as part of a restructuring and leveraging tech to improve operational efficiency.
Hang Seng is restructuring its business and streamlining duplicate roles which will lead to about a 1 percent reduction in its «core staff», according to a statement. The bank did not specify how many jobs would be lost but added that technology would be used to improve operational efficiency and service quality. Impacted staff can apply for freshly created roles as part of the restructure.
The move follows a local media report that claimed that the local lender was unloading 10 to 50 percent of staff in some departments.
HSBC owns 63 percent of Hong Kong-based Hang Seng which employs around 8,300 people, mainly in Hong Kong and mainland China, as of end-2024.
