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At a time when HSBC is looking at exiting certain markets, it has planned to increase the investments in Asia. As a result the job cuts are not expected to have an impact on the Indian market, said a person familiar with to development.
In fact, in the latest investor presentation, HSBC has listed India as the second largest priority market in Asia. It outlined that it has been systematically capturing growth in trade and capital flows in Asia. The lender has said that it will be focusing on the asset management and insurance business in Asia with the aim of capturing opportunities from emerging wealth in this region.
Referring to the business potential, it highlight the business corridor initiatives between India-US. The lender said that it played an important role in connecting economies and people flows (NRI - Non-Resident Indian). It also stated that it supported large number of US companies with subsidiaries in India in their cross-border operations . The bank also said that it provided advisory and investment to Indian technology companies, including mid-size clients, in establishing a US presence.
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The bank employs 32,000 employees in India, the second highest after the UK. Out of the total headcount, a majority are a part of the back office operations, people familiar to the development.
Last year, the bank added about 1,000 employees in India. HSBC saw its revenue and profits rise in India rise last year even as it reported a 17 per cent fall in global profits for 2014. Its India revenue rose by 10 per cent to $1.83 billion, while profit was up 7 per cent to $700 million.
