Depressing times! HSBC set to shed 500 jobs in Asia

DOOM INCHES CLOSER: The job cuts will make Asian employees squirm in worry about their future

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Hong Kong: HSBC will lay off 500 staff in Asia, 90 per cent of which will be in Hong Kong, due to deteriorating economic conditions and its cautious outlook for 2009, spokesman Gareth Hewett said on Tuesday.

This will be HSBC's second round of layoffs in the region.

In September, HSBC said it was cutting 1,100 jobs in its investment banking operation, or 4 per cent of the unit's total, including about 100 in Hong Kong, where the bank's Asian unit is based.

The 450 Hong Kong jobs that will be cut represent 2 per cent of the bank's workforce in the city.