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)