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After HSBC slashed 120 IT jobs last Monday, its subsidiary Hang Seng Bank is now rumoured to have cut experienced back end employees, sources report.

The Hong Kong Banking Employees Association told the Oriental Daily that seven to eight back end staff from the bank reported to the association about losing their jobs last week. They received retrenchment benefits worth up to 12 months’ salary. It is estimated each affected staff member will receive around HK$700,000.

Staff members that were affected told the association they were informed last Wednesday about the job cuts and were ordered to keep silent about it. The association commented Hang Seng Bank has provided reasonable compensation for the retrenched employees and they are satisfied with it. However, the association is surprised by the job cuts, considered that it is difficult to hire at the moment.

Hang Seng Bank has denied the job cuts.

According to the Oriental Daily, Francis Fong, founding chairman of Hong Kong Association of Interactive Marketing believes that the Hang Seng bank job cuts were part of the cut that was made last Monday, involving 120 IT staff, since both banks share the same IT department. He added that the job cuts are targeted at employees with more than 10 years of experience.

ALSO READ: Hong Kong job cuts rumoured at Deutsche Bank

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