HSBC Brazil slashes 1,000 jobs in single week

HSBC Brazil slashes 1,000 jobs in single week

Sunday, November 9, 2014 12:04 am

Layoffs by HSBC bank in Brazil will likely top 1,000 this week, the workers’ union said Saturday, after employees staged angry protests against job cuts by the London-based firm.

HSBC slashed 4.5 percent of its workforce across the South American giant, according the Contraf-CUT bank workers’ union.

Employees protested the layoffs Friday in the southern city of Curitaba, where 130 workers were dismissed, according to the workers’ union.

Talks between Contraf-CUT and HSBC have reached a stalemate in Brazil’s capital, Sao Paulo.

Representatives of the company did not immediately respond to requests for comment.

HSBC is Brazil’s fourth largest bank in Brazil, according to official figures.

The British firm reported a seven percent rise in its net profit in the third quarter.

But the bank reported a 56 percent decline in profits this week, mainly due to slowing business in Brazil and Mexico.

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