London-based HSBC Holdings plc announced August 1 that it would chop 30,000 jobs globally, but representatives at the bank’s Canadian head office in Vancouver believe the impact on local operations will be minimal.
“The impact on HSBC Bank Canada will be modest,” said Ernest Yee, HSBC Bank Canada vice-president of corporate affairs.
“As HSBC Group CEO Stuart Gulliver said in Canada in July, Canada is a growth market for HSBC. HSBC’s plans for growth in Canada have not changed since.”
HSBC announced plans to retreat from countries such as Russia, Poland and the U.S., where it is struggling to compete.
The news came after the bank reported a surprisingly high rise in first-half profit. The bank reported a US$11.5 billion pre-tax profit on August 1. That easily bettered the US$10.9 billion that analysts expected.
Glen Korstrom
Twitter: GlenKorstrom