HSBC Vows No Layoffs After Hang Seng Deal, HK Finance Chief Says

HSBC Holdings Plc has vowed to invest billions of dollars over the next few years and not conduct any layoffs as part of the lender’s proposed deal to take its troubled Hong Kong subsidiary private, according to the city’s top finance official.

HSBC told the government that “substantial investment will be made” in the “billions of dollars” in Hong Kong and the region during its proposed privatization of Hang Seng Bank Ltd., Financial Secretary Paul Chan said in an interview with Bloomberg Television. The investment will be spent over the next few years in areas like customer services, technology and boosting the private wealth business, he added.