Bloomberg News

HSBC Begins India Cost Cutting Program in January

December 15, 2011

Dec. 15 (Bloomberg) -- HSBC Holdings Plc will begin a cost- cutting program in India in January as part of its plan to reduce staff globally by 30,000.

“We are not commenting on specific details, but I can confirm that India will start the process in January 2012,” Stuart Davis, chief executive officer of HSBC India, said in an e-mailed statement today.

“A variety of roles will be impacted, but we have been clear that India remains a key market.”

To contact the editor responsible for this story: Howard Mustoe at hmustoe@bloomberg.net


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