HSBC unlikely to raise headcount

Global financial services provider HSBC Group has said it is not thinking about hiring people in India in the current year, after having increased its workforce by 5,000 during 2008.

“I am not sure whether we will increase it (headcount) this year,” HSBC Holdings Group Chairman Stephen K Green said when asked whether the global banking major was planning to raise its headcount in the country.

During 2008, the UK-based group had added 5,000 staff, which raised the total headcount to 37,000, said Green, who was on an official visit to India last week. He, however, said “it (India) is largest out of all countries we employ after the UK.” India contributed around 7 per cent to the Group’s overall profit during 2008.

On job cuts, HSBC India Chairperson Naina Lal Kidwai said the bank had not enforced any job cuts in India, but had announced redundancy.

Asked about further investment plans in the country, Green said that the group has been investing in the country and will continue to invest.

Green said that, while the primary focus would be on organic growth, HSBC would also be looking at inorganic growth depending upon the opportunity.

Meanwhile, HSBC Holdings has evinced interest in taking over the Asian operations of Royal Bank of Scotland (RBS). “We are certainly looking at the position,” he said when asked whether the bank was interested in taking over the Asian assets of RBS.

“We will show interest if it fits our strategies,” he said.

Besides HSBC, Standard Chartered Bank and ANZ Bank have also evinced interest in taking over the businesses of RBS.