Hang Seng Bank to cut 1 percent of core staff in business adjustments

Hang Seng Bank (0011) said its business adjustments would affect about 1 percent of its core business staff, after reports of widespread layoffs.

The scale of layoffs was said to be between 10 percent to 50 percent in some departments, according to an earlier report from Sing Tao Daily, sister newspaper of The Standard.

Since March, the bank has been trimming staff at different departments, including the Logistics Support Department, the Strategy and Corporate Development Department, the Information Technology Department, the Corporate Communications Department and the Hang Seng Indexes Company, according to the report.

In the latest response, the bank stated that the affected employees who are utilizing the staff housing loan scheme will receive the support from the group to alleviate their financial pressures.

The bank is creating new positions in response to the market changes and will implement a transparent selection process to ensure all affected employees have a fair chance to apply, its statement said.

STAFF REPORTER