HSBC uncertain about raising headcount in India this year

NEW DELHI: Global financial services provider HSBC Group has said it is not contemplating to hire people in India in the current year, having increased its workforce by 5,000 during 2008.

"I am not sure whether we will increase it (headcount) this year," HSBC Holdings Plc Group Chairman Stephen K Green said, when asked whether the global banking major was planning to raise its headcount in the country.

During 2008, the UK-based group had added 5,000 staff which raised the total headcount to 37,000, said Green, who was on an official visit to India last week.

He, however, said "it (India) is largest out of all countries we employ after the UK."

India contributed to around seven per cent to the Group's overall profit during 2008.

On the job-cut, HSBC India Chairperson Naina Lal Kidwai said the bank had not enforced any job cuts in India, but announced redundancy.

Asked about further investment plans in the country, Green said the group has been investing in the country and will continue to invest.