RETAIL BANKING | Tony Chua, China

HSBC continues to hire in China

Despite cutting 10% of its total staff, the lender continues to employ in one of its high-growth markets.

HSBC Holdings PLC said on Tuesday that it will continue to hire and invest in China, despite plans to cut tens of thousands of employee worldwide.

Europe's biggest bank said on Monday it will eliminate 30,000 jobs by the end of 2013, or about 10 percent of staff, to rein in salary costs, while hiring more people in emerging markets.

Asia-Pacific Chief Executive Officer Peter Wong told reporters in Shanghai that there would not be lay-offs in China, which the bank sees as one of its "high-growth" markets.

"China's a strategically important market, where investments and the number of employees willgrow. HSBC won't slim its operations in China," he said.

Wong said HSBC added 5,000 people in Asia in the first half and hiring will continue in China, where he expects "sustained growth".

To free up capital, HSBC announced a plan three month ago to slash costs and sell, shut orstreamline retail banking in 39 countries.

View the full story in China Daily.

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