Hang Seng Bank restructures business, will cut 1% of core staff: report

An earlier report said that the bank is cutting 10% to 50% of staff in some teams. 

Hang Seng Bank has announced that it is restructuring its business, and would cut 1% of its core staff, reports Reuters.

The HSBC-backed Hong Kong lender says that it "reviews and restructures its business from time to time" in response to "the ever-changing market condition and diversified client needs.”

The lender will use technology to improve operational efficiency and service quality, it added.

It employs around 7,020 people hired by Hang Seng Bank in Hong Kong as of end-2023, according to a mid-2024 survey by Asian Banking & Finance. 

The statement came a day after a local report said that the bank was cutting 10% to 50% of staff in some teams.

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