April 24 (Bloomberg) -- HSBC Holdings Plc, Europe’s biggest bank, will shut its stock-research and trading businesses in Japan, spokesman Paul Allen said.
“We’re migrating Japanese equity operations to Hong Kong,” Tokyo-based Allen said by telephone today. “We will continue to cover some Japanese companies using the HSBC global network, but we will not be doing research out of Tokyo.”
Allen, who said employees were informed at meeting this morning, declined to say how many positions are being eliminated.
HSBC said on April 21 it cut 100 positions at its Hong Kong private banking unit, which employed 1,200 people, as the global recession cut demand for wealth-management services. The London- based company is also cutting 1,200 jobs in the U.K., it said last month.
“The group is re-focusing on emerging markets,” said Lee Yuk-kei, a Hong Kong-based analyst at Core-Pacific Yamaichi International. “Growth potential in developed markets like Japan is almost non-existent. It doesn’t fit into their strategy.”
UBS AG fired about 10 equity research analysts and economists in Tokyo in the first round of cuts to its research business in Japan, two people familiar with the plan said this week. Goldman Sachs Group Inc., Citigroup Inc. and Deutsche Bank AG have also cut equity research staff in Japan.
Foreign financial companies fired about 4,300 people in Japan in the 15 months through March, or about 16 percent of their local workforce, according to Executive Search Partners Co., a Tokyo-based recruitment consulting firm.
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Vidya Prasarak Mandal's (V.P.M.'s) Polytechnic is an institute for technical education in Thane. It was founded in the year 1983, by Vidya Prasarak Mandal (VPM), Thane a public education trust. Visionary, Late Dr. V.N. Bedekar is one of the founder members of this institute.V.P.M.'s Polytechnic has successfully and efficiently churned out skilled technicians from time to time.
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