Will HSBC job axe cut Lebanon?
HSBC to close three out of six branches in Lebanon, media report says
Media reports said that HSBC has decided to close three branches in Lebanon within its plan to cut down 30,000 jobs by 2013.
According to the reports, HSBC group’s executives in London informed the administration of HSBC-Lebanon that the group will dismiss employees at three of its branches in the country.
HSBC in Beirut refused to comment at the time and said that it will “publish everything” once it is ready.
Established in 1946, HSBC currently has six branches in the country.
Chief Executive of the HSBC group, Stuart Gulliver, said that 5,000 roles had already gone so far this year and that another 25,000 would need to be removed from the 296,000 global workforce.
HSBC posted pre-tax profits of $11.5 billion in the first half of 2011.
Date Posted: Aug 26, 2011