---

MONDAY, AUG 1: HSBC Bermuda has declined to confirm or deny whether reports of sweeping job cuts across the bank’s global chain will affect local staff.

Asked about the cuts a spokesperson said: “We are continually reviewing the needs of the organisation and evaluating our business to achieve operating efficiency.”

British-based Sky News reported yesterday that the bank was preparing to axe 10,000 jobs – three per cent of its global network — as part of a cost reduction programme.

Asked if Bermuda-based staff would be affected, a spokesperson said: “Changes to staffing are inevitable as business models are updated and as we continue to
automate and streamline manual processes.

“We have had success training and redeploying  staff into new roles and will continue to make accreditation and training a priority to  provide opportunities for our staff.”

Asked if that meant job cuts in Bermuda, the spokesperson declined to comment further.

Sky article: http://news.sky.com/home/article/16040618[[In-content Ad]]

---