Cayman office escapes HSBC global layoffs

(CNS Business): HSBC has begun laying hundreds of its staff in the UK in a bid to cut numbers worldwide by 30,000. A report in the UK's Daily Telegraph states that between 10 and 20 percent of investment bankers at HSBC and Royal Bank of Scotland could lose their jobs as a major slowdown in business has forced managers to begin sacking hundreds of employees. Speaking to CNS Business, HSBC Cayman’s Chief Financial Officer confirms that there will be no redundancies at its offices in the Cayman Islands. Redundancies are taking place across the bank's global banking and markets business, which employs several thousand staff in London. Read more in CNS Business