British-based bank HSBC, which recently announced that it will slash 30,000 jobs by 2013, nonetheless seeks to hire up to 15,000 people in the fast-growing emerging markets of East Asia and Latin America over the next three years.
The move is a part of the bank’s comprehensive plan to refocus its operations in profitable areas and away from stagnating business lines in the developed world.
"Growth in the U.S. and Europe is likely to remain sluggish as long as the impact of high debt levels and government budget cuts weigh on economic activity," HSBC said in its recent earnings report.
The bank indicated that earnings at its Asia-Pacific operations soared more than 25 percent in the first half of the year, while Latin America profits climbed by 10 percent.
"It is quite easy to see how one would be adding 3,000, 4,000, 5,000 a year in the emerging markets," said Stuart Gulliver, the bank’s chief executive.
Palash has worked as a business journalist for 21 years in New York.