HSBC to cut jobs in the Middle East – report

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Reports coming from the staff at HSBC Middle East suggest they have received an email on Wednesday that said the company plans to go ahead with its redundancy plans.

Arabian Business, a leading Middle Eastern news website, reported jobs could be slashed in wealth management department but could not find out the number of job cuts.

“HSBC is going through a global efficiency programme to enhance the effectiveness and efficiency of our organisation,” the company wrote in a statement sent to the Dubai-based group.

“HSBC is making some roles redundant and restructuring some others in the UAE. The bank will also continue to hire and invest in growth regions and businesses – and MENA is a growth region for the bank,” the statement added.

The latest measures come in line with a Reuters report last month which said the bank plans to significantly scale down its private banking operations in the Middle East.

HSBC insists these changes are part of the restructuring process and will continue alongside hiring and investment in the MENA region.

The bank which had up to 60 relationship managers during the boom time were downsized to around 10.

Industry sources believe the move to downsize private banking operations in the Middle East are part of an effort by the British bank to sharpen its focus on corporate and retail banking in the Middle East.

HSBC had a stellar performance last year and posted a pre-tax profit of $21.9bn for 2011.

The lender then said it was hoping to offset the sluggish growth of European economies this year by expanding business in emerging markets including the MENA region.

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