HSBC announced a plan that it would be cutting 25000 jobs globally to improve its performance and that there will be minimum impact on India. The bank is targeted to increase its software engineering development and back office work in India and China and expected that this consolidation move will save up to USD 525 million over the next two years. HSVC stated that it will increase software engineering carried out in India and China to 75 per cent by 2017 from the present 50 per cent, which could help it save up to USD 525 million. Currently it has 32,000 employees in India, as many as over 27,000 are employed in the back offices and development centres spread across Pune, Hyderabad, Vishakapatnam, Kolkata, Bangalore and Delhi and another 5,000 employees in the banking, asset management and insurance space in the country.
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