HSBC could take on 15,000 staff in three years

2nd Aug 2011 14:36

HSBC could take on up 15,000 staff in emerging markets in the next three years, according to chief executive Stuart Gulliver.Yesterday HSBC hit the headlines when it said it would cut 30,000 jobs as part of a global overhaul of it operations.This will see the bank focus more on its Asia-Pacific and Latin American businesses, which grew 25% and 10% respectively in the first half of the year."Growth in the US and Europe is likely to remain sluggish as long as the impact of high debt levels and government budget cuts weigh on economic activity," the bank said in its earnings report. However, Gulliver told journalists: "Say, we add 5 per cent a year, in the emerging markets, you can easily see how half of that [30,000] number will come back over that period of time, but we haven't done that detailed dive. "That forward looking hiring will, to some extent, depend on GDP growth in those markets and so on, but it is quite easy to see how one would be adding 3,000, 4,000, 5,000 a year in the emerging markets, coming back in the other direction."