HSBC SL offers VSS for employees

27 September 2012 03:13 am - 15     - {{hitsCtrl.values.hits}}

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Sri Lanka’s HSBC Bank is offering a Voluntary Separations Scheme (VSS) for its workforce as the bank plans to implement a global programme to align with its international structure.

In response to our inquiry, an HSBC Sri Lanka spokesperson confirmed to us on email that the bank has offered a Voluntary Separation Scheme for its staff.

He also said that the whole of the HSBC group is going through a global programme that is aimed at improving efficiency, increasing their revenue capability and ensuring long-term sustainable growth.

“HSBC Sri Lanka, as a part of the group will also be implementing this global programme. But we are not going to comment on any specifics or speculation about our people,” the spokesperson said.

“However, we can say that where any staff is impacted, we will make every effort to support our people to redeployment, counseling out-placement services,” he added.

According to our sources, the bank is looking at reducing its staff by 20 percent through the VSS, though some say that the number would be much less. HSBC currently has a workforce of 1,700.

The sources also said that the management of the bank has already informed the HSBC Sri Lanka staff about the VSS.

However, the spokesperson affirmed that the HSCBC group is committed to invest in Sri Lanka and will continue to do so in future.

Recent foreign media reports said that HSBC plans to cut 30,000 jobs worldwide by 2013, with senior and middle management to take the brunt of it. (Indika Sakalasooriya)

  Comments - 15

  • sgshh Thursday, 27 September 2012 09:48 AM

    Business of local banks should be improved..they do something in rural areas and funds are redeployed within the country. these foreign banks better reduce their business here.

    deshi ferdnando Thursday, 27 September 2012 03:25 AM

    so we dont have to pay our loans back?

    Tintin Thursday, 27 September 2012 03:31 AM

    If its HSBC, then there must be good reason for them to do this in Sri Lanka.

    Hal Thursday, 27 September 2012 03:51 AM

    The down turn in the world economy and of course, it is amplified by the time it trickles down to Sri Lanka. Any one who knows a bit of arithmetic knows how bad the Sri Lanka economy is.

    suliaman Thursday, 27 September 2012 03:52 AM

    From what i hear these guys have done this in the most inhuman way... they just sent 100+ staff home in a matter of hours some being very senior , Feel so sorry for those staff who have been working so hard ... they are going home with only a small box , the package offered is apparantly so bad that many have considered taking it up in court

    Nodrog Thursday, 27 September 2012 04:00 AM

    De-scaling staff after the huge penalty incurred for money laundering drug-lords monies?

    Nihal Thursday, 27 September 2012 01:07 PM

    Its only happen in Virtusa... most of IT companies in Sri Lanka far more better than Virtusa a

    ranjit Thursday, 27 September 2012 01:45 PM

    I am going to transfer my account, a good one at that, to a Sri Lankan Bank.

    nalaka Thursday, 27 September 2012 04:25 AM

    hmm saying to the employees about layoff in a much nicer way how interesting

    Minister Thursday, 27 September 2012 02:35 PM

    A big relief. I will not get unwanted calls for their credit cards in future! A ready-noose around your neck!

    Minister Thursday, 27 September 2012 02:37 PM

    In other words its "bank-rupt" right?

    Mayu Thursday, 27 September 2012 05:03 AM

    Many Sri Lankan companies did this. Even companies like Virtusa sent people home back in recession time and increased the working hours.

    Still its the poor working condition for people out there. IT industry along with other service industry in Sri Lanka is more of a garment industry these days.

    Jagath Leanage Thursday, 27 September 2012 05:22 PM

    V.R.S. = V.S.S.=Golden Hand shake=Sending employees home. What a bad situation for employees. I have seen employees who have gone early and now they are in a helpless situation .

    Rajive Friday, 28 September 2012 10:03 PM

    some of the senior folks at HSBC lack integrity and courage and transparency in their dealings. They get rid of people of are high performers to protect their bootlickers and lackeys and sack warmers. Some of these people at senior positions are not even fit to run a corner shop..... look into some of their profession plans and you will realise what sort of a bank this is... the labour commission who gave approval has again had wool pulled over their eyes

    summer thorn Thursday, 27 September 2012 09:31 AM

    43 times the salary is not bad I heard. Works out to millions


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