HSBC Bermuda Cuts Almost Ten Job Positions
HSBC Bermuda confirmed that they reduced a “number of roles and less than 10 employees have been impacted.”
An HSBC Bermuda spokesperson stated: “As we continue to assess the business and align with target operating models, we have had to reduce a number of roles and less than 10 employees have been impacted over the last few days.
“There are also a number of employees whose roles have significantly changed due to restructuring and we have been able to successfully offer them an alternative role within the business.
“HSBC Bermuda will continue to work with our employees and redeploy them into new roles and will continue to make accreditation and training a priority to provide opportunities for our staff.”
Just a few years ago, HSBC claimed they had close to 1100 people in Bermuda. According to their website now they have 700.
Ouch.
They told employees over a year ago to seek and accept jobs elsewhere if at all possible. Many ex-pats have done just that and left. I know of 13 that have left of their own free will in the last year. These are job losses that are never announced and never replaced. So many more out there that also don’t get reported.
In 2004 the PLP approves the sale of The Bank of Bermuda Limited to a non-Bermudian multi-national (and as recently 2012 opens the floodgates for for an even greater inflow of foreign ownership through BSX listing waivers).
Eight short years later more than 400 jobs have been lost through outsourcing & attrition. Is this what the PLP really means when they say they’re ‘standing strong’ for Bermudians?
PLP – Betraying Bermudians since 1998, one unemployed voter at a time.
How man PLP members have shares in HSBC and I don’t mean 10, 20 – I am speaking SHARES!!!
@ 32n64w
Most Big Corporations WORLD WIDE have been trimming staff for years. With the advancement of technology and introduction of more online services, why wouldnt the bank look to cut jobs. The bank just like EVERY other business is there to make a profit for its shareholders.
Is outsourcing jobs to overseas firms really a cost saver for local companies???
HSBC isn’t a local company.
Ummm yes, duh.
Yes, You can get someone in another country to do back room positions (IT, administration jobs) for a cheaper wage than paying someone here — and that includes shipping off jobs to Canada and the U.S. like Citi Group did last year. The Internet has made this helped make this possible.
Yes in many case it is cheaper to do it overseas, but the companies also gain much more flexibility in their staffing. You can keep people as long as you like without artifical barriers to retention (work permits, term limits) and have the freedom to hire whoever you like, and get them onboard quickly when you need to. It is much easier to hire staff overseas than in Bermuda and you don’t have to worry about if their spouse will be able to find work, or how many children they have, or keep them hanging for 3+ months while immigration makes a decision. It’s scarey to start moving jobs overseas, but once a company starts they often find it offers them a lot of benefits. And that’s why it’s going to be very hard to convince them to stop!
This trend will continue as long as Bermuda is for sale. BSX companies are taking advantage of the relaxation of 60/40 rule looking for foreign investment which means trim the fat. Outsourcing saves money. Bermudians working for majority owned businesses (BTC next) better raise their game and get ready to compete with china, europe, india, south america, etc.
This has a lot to do with the fiscal cliff in the U.S I believe.
Aware, this has less than nothing to do with the “fiscal cliff”. What on earth make you make such a random assertion?
Yet another indication that the economic recovery has begun…..the Cog was spot on!
Whilst i am not directly effected, i have a family member that was had the option to take a different role within the bank, including working overseas.
The employment rate for those aged from 16 to 64 was 71.2 percent, up 0.2 on the quarter. There were 29.58 million people in employment aged 16 and over, up 100,000 on the quarter.
http://www.tradingeconomics.com/united-kingdom/unemployment-rate
U.S. unemployment rate (7.9 percent) and the number of unemployed persons (12.3 million) were essentially unchanged in October, following declines in September.
http://www.tradingeconomics.com/united-states/unemployment-rate
Unemployment Rate in Canada remained unchanged at 7.40 percent in October of 2012 from 7.40 percent in September of 2012. Unemployment Rate in Canada is reported by the STCA – Statistics Canada.
http://www.tradingeconomics.com/canada/unemployment-rate
Its ALL over he world people
You DO know that those results you quote have steadily improved over the last few years right? Bermuda has steadily DECLINED.
US unemployment rate – 7.9%
Cda unemployment rate 7.4%
Bermuda unemplyment rate – among Bermudians (we tell the expats to leave to that improves our results) – over 11% and climbing.
The economies of the USA and Canada have been growing for the past 3 years. Bermuda’s has been shrinking, dramatically.
It is NOT “all over the world” people.
finacial collapse inevitable…https://www.youtube.com/watch?v=X3FZUEJyA_E
Click on the links and look at the actual month to month year to year figures.
And yes it is ALL over the world, just ask Spain, Greece and many other countries looking for a bailout
Yo, Mirror Man. I think that the consensus is that Greece, Spain, etc. were being horribly mismanaged and their economic policies had made them uncompetitive. That’s why well managed places such as Germany have the cash to bail then out! Most economies are growing, a few are not. The ones who are not are the ones who let their debts spiral out of control….. Guess which camp Bermuda is headed into?
But mama I’m allowed to shop I got a credit card ,you ain’t got to pay it back! I need a new phone
Word has it that HSBC feels that it only needs 350 people to run it’s banks in Bermuda.
Prediction:Because Business has declined in Bermuda they will close 2 to 3 branches within a year or two.
brace– brace – brace –all passengers get into the crash position.