HSBC Cuts 1100 Investment Banking Jobs Worldwide
September 28, 2008 – 2:57 pmThe other day, a reader told me that HSBC, Europe’s largest bank, and a few other “foreign” banks are not doing very well. He said that there would be news to read sooner than later. True enough, today, I read in the news that HSBC has slashed 1100 investment banking jobs worldwide. This is no thanks to the credit crunch in the United States, affecting worldwide markets. If this could happen to a banking group as solid as HSBC, this could happen to other banks as well.
I wonder how many jobs will be cut in Malaysia. I have a friend, as far as I know, with HSBC, and I hope that she will not be affected. I also have saving accounts with HSBC but since there’s only a little funds in my accounts (I don’t keep too much because they do not pay interest for my account type), but I am not very worried about my money. I think there should not be anything to be worried about, right?
If not mistaken, HSBC Malaysia deposits are also covered by PIDM and my total with HSBC Malaysia is well under RM60,000. I think that now that the market is so tumultuous, we had better strategize the way we bank our savings.
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