HSBC Holdings Plc, Europes largest bank, will move a fund administration unit to Dublin from New York to control costs, according to a person with knowledge of the situation.
As many as 200 jobs in the operations unit may be eliminated and employees were told about the move at a meeting on January 30th, said the person, who declined to be identified.
Some roles may move to Dublin, the person said. Chief executive officer Stuart Gulliver is reversing some of HSBC’s expansion over the past two decades, selling assets and cutting jobs, while reinvesting some of proceeds in faster-growing markets.
HSBC plans to eliminate 30,000 jobs and trim $3.5 billion of expenses over the next two years as it tackles wage inflation in Asia and prepares for stricter capital rules, the bank said in May. The Wall Street Journal reported the move yesterday. A spokesman for HSBC declined to comment. – Bloomberg
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