HSBC dismisses employees, management in Egypt remains silent

HSBC announced Tuesday a new strategy to improve its performance and decrease expenditure, including the dismissing thousands of its employees in the UK and worldwide.

According to a bank statement, 8,000 employees out of 48,000 employees who work in the bank’s UK branches will be affected. A further 20,000 employees worldwide will also be threatened.

Daily News Egypt contacted HSBC’s management in Egypt regarding the situation of its employees in Egypt and whether the labour liquidation process, initiated among its branches in 70 countries, will include those employees or not. The bank’s management in Egypt, however, declined to comment.