Job cuts at Hang Seng Bank
發佈日期: 2025-05-14 19:30
TVB News
Sources say Hang Seng Bank is cutting its workforce by 10 to 50 percent across several departments.
Staff that have not been fired are required to reapply for their roles.
A spokesperson for the bank did not deny the report, stating Hang Seng often reviews and makes adjustments to its operations in accordance with the business environment.
Reports say Hang Seng Bank began a gradual cross-department cut of its workforce starting in March this year.
The affected departments are said to include back-office support, corporate strategy, IT and corporate communications.
Most divisions reportedly experienced a cut of 10 to 20 percent, while certain departments saw around half of their staff being laid off.
Individuals affected by the measure include those in senior management while those who remain in the company must reapply for their positions.
This, as the Hong Kong Banking Employees Association criticised the move as damaging to the morale of the bank's personnel.
The labour union's vice chairman said many of the bank's staff have spent more than half of their lives with the company, and emphasised the negative impact Hang Seng's measures will have on inter-staff relations.
Despite the bank's mass layoffs, employment websites continue to indicate more than 80 available positions at Hang Seng including departments such as marketing, data analysis and customer service.
A Hang Seng spokesperson responded to TVB's inquiries about the current situation saying the company is simply adjusting to the ever-changing business environment, stressing the bank often reviews its operations to improve its staff's technical skills and business structure.
Speaking about Hang Seng Bank's reasons for the massive cut in manpower, economist Yuen Wai-kee believes the bank is dealing with the effects of global economic uncertainty.
He noted many businesses are not seeking to expand but rather lower expenditure and replace paid staff with technology.
Meanwhile, some in the human resource management sector urged residents to take the initiative to improve their technical skills to make sure they don't get outpaced by AI, adding the technology is likely to overtake many other jobs.
