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HR & Payroll
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Global banks led by Citigroup, HSBC, Bank of America Merrill Lynch and Barclays are slashing jobs in their Indian operations at the fastest pace since the 2008 credit crisis amid dwindling deal flows and parent companies' shrinking balance sheets to boost capital.
Citigroup on Tuesday cut 100 jobs and HSBC will soon show the door to scores of its staff here as part of its 30,000 reductions internationally. French bank BNP Paribas eliminated more than a dozen in recent months and Royal Bank of Scotland has put its equities and mergers advisory business on sale that may lead to layoffs.
Job cuts by the investment banking divisions of global banks due to slowdown in deal flows and retrenchments in corporate and retail businesses due to strong domestic competition could top 1,000, aggregation of publicly available data by human resources consultant Ma Foi and ET shows.
The job cuts implemented in the past 12 months and those in the process of execution bring back the debate raised by Reserve Bank of India Governor Duvvuri Subbarao on international banks' commitment to emerging economies during times of stress at home.
In the markets you don't have commitment, you will shirk each time there is a problem," said Jaspal Bindra, Asia chief executive of Standard Chartered Bank, which plans to add to its 2,000 hires last year. "The name you can't pronounce is much easy to sack than the person sitting next to you. It boils down to the factor of commitment," he said.
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Source : E T
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