Other

HSBC Lanka trims custodian services

10 May 2013 - {{hitsCtrl.values.hits}}

HSBC Sri Lanka is believed to have withdrawn from custodian banking services with the exception of high-end retail and corporate clients, as part the bank’s a global restructuring drive, Mirror Business learns.

When contacted by Mirror Business, representatives from the bank stated that all aspects of its business are currently under review in line with HSBC’s global realignment away from retail business, however declined to comment further on specific changes.

Globally, HSBC increased its profits by nearly 50 per cent to US$ 8.4 billion in the first quarter of this year, largely a result of cost cutting and restructuring, including 30,000 job cuts worldwide.

The brunt of job cuts were expected to be borne by senior and middle management. Ramifications of the bank’s global restructuring were felt last year when the bank offered its employees a Voluntary Separation Scheme.

The bank remained tight-lipped on details of the scheme. However unofficial sources had stated that the bank had cut its workforce by as much as 20 per cent.

At the time, the bank was reported to have maintained a workforce of approximately 1,700. According to 2012 financial accounts of the bank, the workforce remained at 1, 457.

The restructuring drive in Sri Lanka was followed by the appointment of a new CEO, Patrick Gallagher as a replacement for long-standing former CEO, Nick Nicolaou effective April 30 2013.

(CF)

Other

HSBC Lanka trims custodian services

Most Popular Articles

Sri Lanka’s IMF reserve target comes under pressure: KPMG

Sri Lanka explores local gold refinery as IMF regulations delay import tax relief for jewellers

CSE ends lower as turnover falls to year’s lowest, ASPI holds key support

HMD introduces latest range of feature phones to Sri Lanka

CSE opens the week lower as broad-based selling offsets strong institutional activity

Sri Lanka’s exports surpass US$9 billion in first half of 2026

Latest News

Singer “Chili” fined for attempted assault on police officers

Sri Lanka’s exports surpass US$9 billion in first half of 2026

China ready to work with Sri Lanka to build strategic trust: Chinese Ambassador

Wildlife holiday bungalows to be upgraded

Toxic alcohol addiction changes brain chemistry: Psychotherapist