HSBC CEO Stuart Milne said in an email to employees, "We will all be aware now of the global organizational effectiveness programme to improve our efficiency and effectiveness. One of the key elements of achieving this will be reducing unnecessary layers of management."
The UK based bank is sacking its employees on ‘last in, first out’ policy, according to which employees with less than five years of service will be given the pink slips, according to the Economic Times.
An HSBC spokesperson was quoted by Economics Times as saying that the whole of the HSBC Group is going through a global program that is aimed at improving efficiency, increasing its revenue capability and ensuring long-term, sustainable growth.
"HSBC India, as part of the group, will also be implementing this global program," the spokesperson told Economic Times.
