economy To faster change

HSBC said Wednesday it is cutting about 3,000 jobs over the next three years in Hong Kong as part of its previously announced global restructuring
The job cuts are part of the first stage of the reorganization, which will also include cuts to operations in the United States, Canada, Mexico and Brazil, said a spokesman, speaking under cover of anonymity in line with company policy.
The British bank said in August that it cut 30,000 jobs worldwide by 2013 - about 10% of its workforce - and selling nearly half of its retail bank branches in the U.S. save up to 3.5 billion dollars as part of a plan to focus on fast growing emerging markets.
HSBC joins other large financial institutions that have announced layoffs this summer, including Goldman Sachs Group Inc., Bank of New York Mellon Corp., Bank of America Corp. and others.
Big banks aren't raking in the fat profits they used to earn from large bets on risky trading and complicated investments, which backfired and fueled the global financial crisis. Large shareholders are now pressing for cost cuts to improve returns.

HSBC will try to redeploy some staff to other roles elsewhere in the company so the number of people actually losing their jobs in Hong may be less than 3,000, said the speacker of HSBC BANK