HANG SENG BANK (00011.HK)  -4.000 (-3.607%)    Short selling $40.86M; Ratio 23.955%   will initiate a massive scale of layoffs, with reductions in certain departments ranging from 10% to 50%, according to hearsay yesterday (14th). HSB issued a statement, noting the recent market concerns regarding the bank's adjustment and integration of its business structure.

The bank stated that it regularly reviews its business portfolio and operations, and will apply fintech to raise operational efficiency and service quality, in a bid to cater to the rapidly changing market environment and increasingly diverse customer needs.

Related NewsCiti: Falling HIBOR Puts Short-term Pressure on HK Banks' NIM
During the process, the bank will make appropriate adjustments to its business structure and streamline overlapping functions to better provide quality service to customers. The statement mentioned that the bank recently made business overhaul, with the number of affected employees accounting for about 1% of the total core business staff.

In parallel, the bank is creating new positions in response to market changes, ensuring fair opportunities for employees by conducting a transparent selection process, allowing all affected employees to apply for new positions. If affected employees are subject to the staff housing loan program, the bank will fully support them to alleviate immediate financial pressure.
(HK stocks quote is delayed for at least 15 mins.Short Selling Data as at 2025-05-16 12:25.)