SINGAPORE staff of HSBC have yet to learn if they will be spared the huge job cuts being undertaken at the global bank.
There is some hope that the axe will fall less heavily on the operations here, given the bank's statement yesterday that it will focus on growing its business in Asia, including the key markets of Singapore, Malaysia, Indonesia, China's Pearl River Delta and Hong Kong.
HSBC does not divulge staff strength by country, but The Straits Times understands that the bank has been trimming staff here since the end of last year.
HSBC runs a full range of operations from its Singapore office. This includes retail, commercial, private and investment banking and trading.
It has 11 bank branches across the island and claims to be among the top five banks here with a 3.6 per cent share of the loan market.
Bank spokesmen here told The Straits Times yesterday that they are waiting for a broad strategy update, which could come in the next few months, adding: "No further comment at this stage."
HSBC also said yesterday that it will make a decision on where to locate its headquarters - currently in London - by the year end.
Observers have named Hong Kong as the likeliest spot for relocation.
With a "pivot to Asia" featuring strongly in HSBC's investor presentation yesterday, the odds are that Europe, rather than Asia, will bear the brunt of the cuts.
HSBC also said it will shrink its investment bank division, from 39 per cent of the group's balance sheet now to less than a third by 2017.
Given the drought of large mergers and acquisitions and initial public offering deals here, the Singapore investment bankers are not out of the woods, said a senior banker in another firm.
"The market is quite bad - I won't be surprised if other banks start chopping," the banker said.
This article was first published on June 10, 2015.
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