HKSAR Gov't Confirms Urging HSBC to Explain on Reported layoffs

The Hong Kong Special Administrative Region (HKSAR) government confirmed Tuesday to Xinhua that it had urged the HSBC to clarify the reports that the bank was planning to lay off 1,000 employees in Hong Kong.

A spokesperson with HKSAR's Labor and Welfare Bureau told Xinhua that it had contacted the HSBC to gain a better understanding of the layoffs reports.

The bureau has urged HSBC to make a clarification to ease worries. According to the bureau's understanding, the HSBC has no massive layoff plan at the moment, a spokeswoman for the bureau said.

An HSBC spokesperson declined to make comments when asked to confirm the reported layoffs on Monday.

John Tsang Chun-wah, Financial Secretary of the HKSAR, appealed on Monday to companies not to lay off workers and to get through the difficult times with their employees.

The Hong Kong Banking Employees Association said on Sunday that it had received reports from HSBC's employees that the bank had planned on a layoff that may involve as many as 1,000 employees, 5.6 percent of its total employees in Hong Kong. Since last September, the HSBC had laid off about 550 employees in Hong Kong.

Source: Xinhua