Hang Seng Bank to axe jobs as part of restructuring initiative

GlobalData

Fri, May 16, 2025, 3:32 AM 2 min read

Hang Seng Bank, a lender based successful Hong Kong, has announced a restructuring inaugural that would effect successful occupation losses for astir 1% of its halfway workforce.

In a statement, the bank, which is 63%-owned by HSBC, stated that it “reviews and restructures its concern from clip to time" successful effect to "the ever-changing marketplace information and diversified lawsuit needs"

As portion of this restructuring, Hang Seng Bank plans to heighten operational ratio and work prime done the integration of technology, reported Reuters.

The slope has not disclosed the nonstop fig of employees classified arsenic halfway staff, but it employed astir 8,300 individuals chiefly successful Hong Kong and mainland China arsenic of the extremity of 2024.

Reports from Sing Tao Daily indicated that the bank, which has historically avoided large-scale layoffs, whitethorn trim unit numbers by 10% to 50% successful definite teams.

In its statement, Hang Seng Bank noted that caller roles would beryllium disposable for affected employees to use for arsenic portion of the restructuring process, though further details were not provided.

The lender has faced challenges successful caller years, including an summation successful atrocious loans attributed to its important vulnerability to the spot assemblage successful its superior markets.

As of the extremity of 2024, impaired loans constituted 6.1% of its gross loans, a notable emergence from 2.8% astatine the extremity of 2023.

This latest determination followed HSBC's broader planetary restructuring efforts, which included workforce reductions to destruct duplicated roles and trim costs.

Recently, HSBC unveiled plans to cut 348 jobs successful France, astir 10% of its workforce, arsenic portion of a cost-saving inaugural aimed astatine achieving $1.8bn successful savings by the extremity of 2026.

"Hang Seng Bank to axe jobs arsenic portion of restructuring initiative" was primitively created and published by Retail Banker International, a GlobalData owned brand.

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