Labour chief concerned over bank cuts

September 08, 2011

Secretary for Labour & Welfare Matthew Cheung believes the retrenchment of HSBC staff is an individual business decision and urges the bank to minimise its impact.
 
Speaking to the media today, Mr Cheung said the Labour & Welfare Bureau has expressed its concern with the bank. The Labour Department will closely monitor developments and liaise with banking and finance institutions to gather information on vacancies, which will then be passed to the affected HSBC staff.
 
Mr Cheung said he hopes the bank will minimise the impact of the redundancies, noting it may shift some of the affected staff to other departments and provide employment referrals and counselling. He urged the bank to take the wishes of affected staff into full consideration.
 
He said HSBC’s decision is an individual one and does not reflect a trend in the labour market, adding the banking industry and labour market are booming.