Inside views on the jobs market
HSBC, whose advertisements play on how one image can have different meanings in different cultures, appears to have settled on a single view of the U.S. consumer: you’re not worth the risk. The global bank, whose billboards proclaim the importance of local knowledge, said it would shut most of its U.S. consumer lending business with the loss of 6,100 jobs.
“With the benefit of hindsight, this is an acquisition we wish we had not undertaken,” HSBC Chairman Stephen Green said of its 2003 acquisition of Household, which was renamed HSBC Finance.
At Trading Places, we like to give people hit by job cuts a place to share information. So if you’re an HSBC employee, tell us what’s happening in your office.
The following financial services industry appointment was announced on November 11, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail email@example.com.
Private equity firm Carlyle said it named Christopher Dodds, who retired last year as Chief Financial Officer of broker Charles Schwab Corp as Senior Advisor to its Global Financial Services Group. He is based in San Francisco and began on November 1, 2008.
The following are job changes within the financial industry for Oct. 14 – 15, linked where possible to personal profiles on LinkedIn. To inform us of other job changes, please e-mail firstname.lastname@example.org.
The U.S. investment management firm hired Christopher Getter as senior vice president and emerging markets product manager, based in Newport Beach, California. Getter leaves Fidelity, where he was an emerging market debt research analyst.
The following are job changes within the financial industry for Oct. 10, linked where possible to personal and company profiles on LinkedIn. To inform us of other job changes, please e-mail email@example.com.
Laurent Charbonnier will join Credit Suisse as a Director on the Metals & Mining team in the EMEA Energy Group in the Investment Banking Department, starting in December, according to an internal memo. Charbonnier will move to Credit Suisse from UBS AG, where he most recently served as executive director and European head of steel, paper, packaging in global industrial group.
It’s not just Lehman Brothers and Merrill Lynch that look to be shedding jobs amid the deepening financial crisis: HSBC announced on Friday that it’s cutting 1,100 jobs in its global banking and markets operation, or about 4 percent of the unit’s total.
“We’re doing it because of market conditions and the economic environment, and our cautious outlook for 2009,” Hong Kong-based spokesman Gareth Hewett told Reuters.