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HSBC Denies Rumours of Shutting Down its Operations in Malaysia

February 16, 2017

HSBC Malaysia has denied rumours of closing down its Malaysian operations. “There’s no truth to it,” a HSBC spokesperson told SunBiz, adding that the bank does not respond to such speculation and that this is not the first time that such talk has emerged.

Citing losses of billions of dollars globally, the latest rounds of job cuts comes as HSBC bankers in its London headquarters face uncertainty as the lender prepares for expected disruptions caused by Britain’s impending exit from the European Union.

Earlier last month, there have been reports of HSBC cutting around 100 senior jobs at its investment banking division globally. The cuts were expected to affect bankers at the managing director and director level positions at its global banking and markets division.

“We review on an annual basis performances across Global Banking and Markets and make appropriate changes to strengthen and grow the business,” a spokesman for the bank said in an emailed statement.

“Investment banks often trim jobs in January, as bosses review staff performance to decide how increasingly thin bonus pools should be allocated and which weaker performers they are prepared to let go,” Free Malaysia Today reports.

Also read: Cutting jobs globally, HSBC set to add 4,000 in 4 years in China

Image credit: The Star Malaysia

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