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Wednesday, May 2, 2012

HSBC down-sizing office space in Coimbatore

Hongkong and Shanghai Banking Corporation (HSBC), which is in the centre of a staff down-sizing spree globally to cut costs, apparently is down-sizing its office space as well.

The bank, which has a branch in the posh Race Course area in Coimbatore, today surrendered about 50 per cent of its real estate space. It is not clear whether the bank has reduced its staff strength in Coimbatore.

According to Mr Rajesh B. Lund, Partner, Srivari Property Developers, Coimbatore, in whose building the HSBC branch is located, the bank today vacated 4,375 sq.ft. space out of 8,750 sq.ft. that it was occupying.

The bank has been his tenant ever since it opened the Coimbatore branch about a decade back.

He said the area under occupancy consisted of mezzanine floor and the first floor. Now, the bank has vacated 50 per cent of the space it had taken on lease.

He, however, was not aware of any down-sizing of staff strength in the Race Course branch.

It was reported recently that HSBC, which has a sizeable retail presence in India, is planning to lay-off over 300 employees.


Temporary Office said...

Thank you for posting this timely news; now employees in the banking sector may start looking for another direction. We'll have to see what happens next.

Office Interiors Specialists said...

Thank you so much for this update. It can be greatly useful for those who are looking for timely news about the banking sector. Looking forward to more updates from you.

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