HANG SENG BANK: Only 1% of core business employees are affected by business adjustments and will provide support to employees participating in the employee housing loan program

Yesterday (14th), it was reported that HANG SENG BANK (00011.HK) will carry out a large-scale layoff, with some departments reducing staff by 10% to 50%. Hang Seng issued a statement, noting that it has observed recent market concerns regarding the bank's adjustment of its business structure and integration. The bank believes that to respond to the rapidly changing market environment and the increasingly diverse needs of customers, it regularly reviews its business portfolio and operations, and will apply financial technology to enhance operational efficiency and service quality. In the process, the bank will make appropriate adjustments to its business structure and simplify overlapping functions to better provide high-quality services to customers.

The statement mentioned that the bank recently conducted business adjustments, with the number of affected employees accounting for about 1% of the total core business staff. At the same time, the bank is creating new positions in response to market changes, and to ensure that employees have fair opportunities, it will conduct a transparent selection process, allowing all affected employees the chance to apply for new positions. If affected employees are using the employee housing loan program, the bank will also provide full support to alleviate their immediate financial pressure