Region:
America
Category:
Economy
Article type:
Informed

HSBC Closes Operations in Brazil and fire 25,000 workers

Region:
America
Category:
Economy
Article type:
Informed
Author/s:
By Karina Laura Serra
Publication date:
Print article

It infomed the British bank through a statement issued in London, who will retire in the Brazilian market but not completely, leaving thousands of workers jobless

HSBC Bank, one of the largest in Brazil, cut about 25,000 jobs, reduce its investment banking and reduce its assets in an effort to improve its weak performance, they announced on Tuesday the largest bank in Europe. The output of the Brazilian market, however, will not be complete. "We intend to maintain a presence in Brazil to serve large corporate clients on international needs," says the bank's statement presiding Stuart Gulliver.

The job cuts will involve nearly 50,000 employees of its units in Brazil and Turkey, nearly 10% of its global payroll, and reduce their risk assets valued at 290.000 million. However, this measure will be completed in 2017 and will be followed by some hiring in growth businesses, HSBC said without providing details on how many people will be recruited. The restructuring of one of the most important banks in Europe, takes place in the framework of the fines received by the manipulation of currency markets and the tax evasion scandal in its branch in Switzerland.

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