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HSBC lays off 150 employees from India back offices for 'realignment'

The layoffs were are at the mid-management level at HSBC centres in Pune and Hyderabad.

Press Trust of India  |  New Delhi 

HSBC
A man walks past a HSBC bank branch in the City of London. Photo: Reuters

British lender has laid off 150 employees supporting global operations from back offices in India as part of a global move of "realigning" operations, sources said on Thursday.

Job impacts at are "less than 150" and this is a part of "realignment as part of ongoing operations" at the lender, which employs 2.38 lakh people globally, the sources said.

The layoffs were are at the mid-management level at centres in Pune and Hyderabad, they said. The bank employs over 15,000 people at its back offices, called as 'global capability centres', in the country.

A bank spokesperson said, "HSBC is continually reviewing the shape of its workforce to ensure it can best serve its customers and other stakeholders." The job impacts have happened due to a variety of concerns, including projects, individual performance and also redundancies, the sources said.

A media report on Thursday had pegged the total number of job losses at 200.

The move comes at a very difficult time domestically, where there are concerns on whether the ongoing economic growth slump would permeate into impacting jobs.

First Published: Thu, August 22 2019. 18:21 IST
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