HSBC UAE has issued termination notices to 90 junior and middle management employees, revealed sources close to the bank. These employees have been offered six months salary as severance package, they said.
The Regional Head of HR, HSBC Bank Middle East, Joel M Famworth, said that the operating environment for Banks in the region is challenging, given the current financial uncertainty worldwide.
A well-capitalized and profitable Bank like HSBC can remain open for business and respond to the changing requirements of its customers and can serve them even during tough times, he said.
“However, there are difficult decisions that have to be made when adapting to a new environment, to ensure that we are better placed for the future. We deeply regret that these have led to small number of redundancies,” he said.
Several banks, including several of the foreign banks in the UAE have laid off employees during the past 18 months. Several other major banks have also resorted to down-sizing staff, including a top local bank, which has laid off about 1000 staff and hopes to lay off another 1000 shortly.
Few employees of the UK-headquartered HSBC Bank have expressed fear that there could another series of lay-offs in the UAE operations, which currently employs about 4000 staff. Posted on 14/8/2009
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