The report published online said the redundancies, which are being announced to staff today, would affect all areas of the country, hitting employees in back office units that service HSBC's retail and small business customers. The current layoffs are in addition to the "500 redundancies signalled in December", it added.
HSBC is likely to raise up to Rs 2,450 crore (Rs 24.50 billion) by selling its stake in Axis Bank and YES Bank, said senior bankers familiar with the development.
Hongkong and Shanghai Banking Corporation (HSBC) is exploring opportunities beyond metro cities to expand its commercial banking business in India.
HSBC cut its GDP forecast for the year ending in March to 5.2 per cent from 5.7 per cent, and its forecast for the next fiscal year to 6.2 per cent from 6.9 per cent, according to a report released on Thursday.
A top court in the UK has ruled in favour of an Indian businessman that he can continue his claim of damages for $330 million against HSBC, which had refused to transfer money in his account to another bank on suspicion of money laundering.
India's manufacturing sector growth slowed marginally in February, although strong domestic orders were likely to support output expansion in the coming months, an HSBC survey has said.
The bank is expected to report a pre-tax profit of $21 bn.
Mahanagar Telephone Nigam Ltd has appointed HSBC as advisor for the process of synergising the public sector undertaking's operations with BSNL, as proposed by the department of telecom.
The Reserve Bank of India is likely to cut policy rates by 0.25 per cent and keep the cash reserve ratio unchanged at its policy review next week, on the back of slower-than-expected growth and more encouraging inflation readings, says a report by HSBC.
HSBC is in advanced talks to buy assets of two troubled financial groups -- ING and RBS in Asia in a move to expand its base in the region.
The Hongkong and Shanghai Banking Corporation Ltd on Thursday announced several top-level executive moves and new assignments for its India operations.
'We suggest an equity strategy of 5% to 10% exposure to cash, 5% to Gold ETF, close to 50% to Sensex/Nifty/large mid-cap stocks.'
The deal is stuck because the Reserve Bank of India has declined to transfer the branch licences of RBS to HSBC.
From the Sensex basket, Kotak Mahindra Bank, HCL Technologies, ICICI Bank, Infosys, Tata Consultancy Services, Wipro, Tech Mahindra and Larsen & Toubro were the major laggards. Mahindra & Mahindra, Nestle, Tata Motors and IndusInd Bank were among the gainers.
Leading private financial players HSBC and ICICI Prudential along with country's largest bank SBI have been shortlisted to manage about Rs 25,000 crore (Rs 250 billion) in provident fund of about four crore employees annually.
The I-T department has also filed 77 prosecution cases.
Foreign lender HSBC has decided to slash 193 jobs in its Indian consumer assets business segment after reviewing its portfolio in the backdrop of the prevailing economic conditions, the bank said.
While public sector banks have managed to maintain a growth of over 25 per cent during the year up to February, private and foreign banks have seen their growth in loan books shrink to single-digit rates on a year-on-year basis, as against over 20 per cent at the end of September, when the credit crisis intensified.
The Hongkong and Shanghai Banking Corporation has announced that its open offer for acquiring additional 20 per cent in UTI Bank at Rs 90 per share.
The government's capex spend is expected to rise and much of this is likely to be focussed on rural India, particularly for housing, roads and irrigation.
Daniel Wager, who helped investigate HSBC for the federal agency, joined the HSBC's anti-money laundering team last November as a senior vice-president.
Sector-wise, pharmaceuticals, transport equipment and textiles will help accelerate overall export growth.
The documents show that HSBC opened Swiss accounts for international criminals, businessmen, politicians and celebrities, according to the ICIJ.
Domestic and external environment still remain "challenging".
The bank is already under lens in the US following allegations that it violated anti-money laundering rules.
Current account deficit is expected to narrow to 1 per cent.
Switzerland, long known as a place with unbreakable banking secrecy, has come under intense global pressure, including from India, to crack down on illicit fund flows.
According to official figures, retail inflation in June touched its lowest mark at 7.31 per cent since January 2012.
The HSBC/Markit Purchasing Managers Index for the services industry fell to 46.7 in December from 47.2 in November, registering the sixth consecutive monthly drop in output levels, the longest period of continuous reduction since the 2008/2009 global financial crisis.
RBI Governor Raghuram Rajan will announce the monetary policy on April 1 and expectations of a status quo are rising ever since the official data on consumer price inflation for February pointed to a cool down to 8.1 per cent.
HSBC whistleblower Herve Falciani on Monday said he is willing to "cooperate" with the Indian investigative agencies in their black money probe.
The potential settlement, which has been in the works for months, is emerging as a test case for just how big a signal US prosecutors want to send to try to halt illicit flows of money moving through US banks.
The job cuts will affect almost a fifth of the bank's workforce.
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HSBC has clocked in 9 percent growth in profit for 2013 on cost control measures undertaken by the bank.
HSBC Tax Saver Equity Fund too offers deduction under Sec. 80C
Though the level of gloom about the future business outlook moderated among the big-four emerging market economies, Indian counterparts are the most confident.
British banking major HSBC on Thursday announced a consolidation exercise under which it will almost halve the number of branches in the country to 26, which will lead to 300 job losses.
HSBC has acquired the stake from E*Trade Mauritius ( 43.85 per cent) and an additional 29.36 per cent stake from IL&FS. In addition, HSBC has paid a non- compete fee of Rs 82.45 crore ($19.4 million) for a three-year period to IL&FS.
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