Hang Seng Bank top manager sweeps aside redundancy fear

Following the Hong Kong Shanghai Corporation (HSBC)’s announcement of layoff plan, a top manager of its subsidiary Hang Seng Bank swept aside fear of redundancy for her subordinates.

HSBC, Europe's largest bank by market capitalization, announced on Wednesday that it will lay off 14,000 employees around the world to save two to three billion U.S. dollars by 2016.

The layoff, representing more than 5 percent of its 254,000 workers worldwide, will come on top of some 42,000 job cuts over the past two yearsas the bank has sought to reorganize its operations to increase profits and efficiency in the wake of the 2008 global financial crisis.

Shortly two days after the announcement was made, Rose Lee, chief executive to Hang Seng Bank, said on Friday at the bank’s annual general meeting, that it unaffected by the decision to layoff by its mother company.

“Our performance was excellent in the previous year of perfect in the face of lackluster external economy, said Lee, We have no intention to undergo massive redundancy for the time being.

Not only that, Lee said the bank is eager to inject new bloods.

“For the furtherance of our business expansion, we would like to bring in more talents, especially in the IT and risk management fields.

Lee added that they are will also provide internal training for the mid-level managers, in a bid to prepare them to take up positions of higher grades.