Great job cut at HSBC. 1,600 people stay unemployed

HSBC India has announced the job cut in the merchant banking and institutional business departments of Investsmart, a broking house that was not so long ago. The job cut that was probably caused by world financial crisis has made the bank to ask their employees to go on a month’s paid leave. During that month the employees are find another job. 

This period was selected in order to let people find anther employer and to solve all the problems. Also such term is good as it respects the law according to which the employer has to inform the employee about his or her dismissal.

And though some employees were offered the alternative jobs at least 15-20 of their collegues will surely be dismissed. According to the new bank policy half of the bank employees should be fired. Today the total number of Investsmart employees is 2,200 and in the month the number should be reduced up to 1,600 people. 

“Investsmart assesses its businesses and business strategy on an ongoing basis. If, as a result, staff are freed up from one activity, an effort is made to deploy them in other businesses and activities. Some staff members have been redeployed, while efforts are being made to seek opportunities for others,” commented spokesperson of HSBC.