2.0
15 Oct 2009
Anonymous employee
Current employee
Chicago, IL
Recommend
CEO approval
Business outlook
Pros
HSBC is a global finance corporation with good profits in India and China. In the U.S., they are losing money due to their sub-prime mortgage exposure. Thus they are attempting to save costs by laying-off employees, which as a share-holder is the proper strategy.
Cons
The headquarters are moving from London to Hong Kong, to take advantage of the China growth. However, if you are working in the U.S., you are now an "ugly step-child" that headquarters is looking to save costs. The former CEO was fired and a new CEO was sent from the U.K. to make cuts. Thus employees are viewed as a cost and careers are an undue expense. The survivors are wondering when the next cuts will be made.