HSBC may slow hiring in China

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HSBC may slow the pace of hiring in China’s Pearl River Delta amid a market rout and cooling growth in the world’s second-largest economy, Chief Executive Officer Stuart Gulliver said.

Bloomberg News reports that while the bank still plans to add some 4,000 jobs in China’s southeast region in coming years, it may happen at a 'slightly slower pace, Gulliver said in a telephone interview on Monday. HSBC will provide an update on the scale of a planned redeployment of about $100bn of risk-weighted assets to Asia alongside full-year results on February 22, he said.

'The fact that Asia is bumpy right now means we have to be streetwise about the way we do it', Gulliver said. 'It also might give us an advantage, as this is no longer on the radar screen of as many of our competitors. Now it’s much harder for others to compete because it is uncertain, and if you’re not a bank like we are, you may now be a bit worried about whats going on'.

To access the complete Bloomberg News article hit the link below:

HSBC CEO Says Asia Turmoil Is Slowing Pace of Hiring in China

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