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  • HSBC to axe 6,100 jobs!

    HSBC to axe 6,100 jobs
    Mon, Mar 02, 2009
    AFP

    LONDON, ENGLAND - HSBC PLC, Europe's largest bank by market value, said on Monday it will raise US$17.7 billion (S$27.5 billion) by issuing shares after reporting a 70 per cent drop in profits in 2008, when the financial crisis deepened.

    Net profit fell to US$5.7 billion last year from US$19.1 billion a year earlier due to greater charges on the value of its assets and operating expenses, the company said.

    HSBC's Tier 1 capital ratio - a key indicator of a bank's financial strength - fell to 8.3 per cent in 2008 from 9.3 per cent a year earlier, but it said the share issue would boost that to 9.8 per cent. The company, which unlike rivals Royal Bank of Scotland PLC and Lloyds Banking Group PLC has avoided taking government bailout funds, cut its dividend to $0.64 per share, a 29 per cent decrease from 2007.

    The British banking group said it would axe 6,100 jobs in the United States by shutting most of its HFC and Beneficial branches.

    'In this difficult environment, we missed our profitability targets,' HSBC chairman Stephen Green said in the group?s earnings statement.

    'The coming twelve months will be difficult. We expect parts of Asia, the Middle East and Latin America to continue to outperform Western economies, but to be constrained by the global downturn.'-- AFP
    "夫君子之行:静以修身,俭以养德;非淡泊无以明志,非宁静无以致远。" - 诸葛亮

    One should seek serenity to cultivate the body, thriftiness to cultivate the morals. Seeking fame and wealth will not lead to noble ideal. Only by seeking serenity will one reach far. - Zhugeliang

  • #2
    Expected.... who is next? DBS? OCBC? UOB?

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    • #3
      Unfortunately you will see more and more such kind of announcements. I hope none of the bros here would be affected. No light at the end of the tunnel yet. It will be a long tunnel
      [SIZE="2"][U][B]Movement collection:[/B][/U]
      [U]German:[/U] Junghans 687, Durowe 7420
      [U]Russian:[/U] Poljot 3133, Poljot 2612, Vostok
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      [U]Japanese:[/U] Seiko(s)
      [U]Swiss:[/U] ETA(s)+Valjoux+Unitas(s), Zenith(s), JLC, Rolex, Lemania(s), IWC[/SIZE]

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      • #4
        Don't be depressed. Be positive and focused...


        Originally posted by Hary View Post
        Unfortunately you will see more and more such kind of announcements. I hope none of the bros here would be affected. No light at the end of the tunnel yet. It will be a long tunnel

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        • #5
          Originally posted by Hary View Post
          Unfortunately you will see more and more such kind of announcements. I hope none of the bros here would be affected. No light at the end of the tunnel yet. It will be a long tunnel

          Comment


          • #6
            E tunnel is very long, me still jobless.
            "夫君子之行:静以修身,俭以养德;非淡泊无以明志,非宁静无以致远。" - 诸葛亮

            One should seek serenity to cultivate the body, thriftiness to cultivate the morals. Seeking fame and wealth will not lead to noble ideal. Only by seeking serenity will one reach far. - Zhugeliang

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            • #7
              Originally posted by Nooch View Post
              E tunnel is very long, me still jobless.

              Comment


              • #8
                my 2 cents

                Heard that next wave for many companies "retrenchment exercise" will be starting from April. Wondering how people can stay positive and focus when everything and everyday news is so depressing. Probably, the whole world should totally shut down all internet for 1 year and people should behave like North Korean, myanmmar or butanese.....( Just my 2 cents thoughts). Only then we can stay positive and focus.

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                • #9
                  When you are depressed, go and drive around, you will feel better...

                  Originally posted by Cessna View Post
                  Heard that next wave for many companies "retrenchment exercise" will be starting from April. Wondering how people can stay positive and focus when everything and everyday news is so depressing. Probably, the whole world should totally shut down all internet for 1 year and people should behave like North Korean, myanmmar or butanese.....( Just my 2 cents thoughts). Only then we can stay positive and focus.

                  Comment


                  • #10
                    the media is causing the damn recession..

                    in the past 500 years of global trade, only the previous 100 years of global trade did we experienced true recessions..

                    some may ask why? due to the presense of the media.
                    Opportunities come once

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                    • #11
                      Originally posted by Mille View Post
                      the media is causing the damn recession..

                      in the past 500 years of global trade, only the previous 100 years of global trade did we experienced true recessions..

                      some may ask why? due to the presense of the media.
                      I would tend to agree. At the end of the day, what is a recession, its a technical contraction of growth, fueled by decrease in trade. Actually, its driven by fear. If everyday all you hear is that things are going to be bad, you stop spending and lock up your money, which is precisely what drives the contraction is growth and trade. If everyone went about their normal lives, things will not be so bad. So the media has a large part to play in how people react to this. The governments can only do so much, what is really required to get over this is an improvement in consumer sentiment, to drive up spending and kickstart the flow of trade again. But that's never going to happen when every day the only news being reported is how bad things are going to get, which is in essence, self-fulfulling.

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                      • #12
                        media KPI is dependable on the number of bad news More bad news, more people take notice. more viewership. this is the age of reality tv
                        I own a Rolex !

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                        • #13
                          Bros very true, I tend to agree.
                          "夫君子之行:静以修身,俭以养德;非淡泊无以明志,非宁静无以致远。" - 诸葛亮

                          One should seek serenity to cultivate the body, thriftiness to cultivate the morals. Seeking fame and wealth will not lead to noble ideal. Only by seeking serenity will one reach far. - Zhugeliang

                          Comment


                          • #14
                            Agreeded !!!


                            *** EMMANUEL***

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