BBR Staff Writer
Released 10 November 2014

HSBC Brazil has axed approximately 800 workers over the previous week, Contraf-CUT bank employees’ union has asserted.

HSBC Brazil

The South American subsidiary of HSBC reduced 4.5 % of its workforce in three days of the recently, Agence France-Presse reported, noting that the layoffs would likely top 1,000 this week.Meanwhile, the representatives HSBC declined to comment on the report.Claimed to be Brazil’s seventh-largest

financial institution by assets, with R$ 163.3 bn($64bn), HSBC Banking Brazil had 21,911 employees in the nation at the end of June, Bloomberg stated citing the device’s latest monetary statement.The banking has greater than 1,700 branches as well as sub-branches across 550 Brazilian cities.The lay-offs come as the London-based lender reported a 56 % decrease in third-quarter revenues from Latin America to $96m, mainly due to decrease of company in Brazil and also Mexico.However, the business’s pretax earnings rose 1.8 % to $4.61 bn for the duration finishing 30 September 2014, from$ 4.5 bn a year ago.Image: The headquarters of HSBC Brazil. Photo: Morio.