Major Layoffs of the Year 2011

Bangalore: Even though many of the employees in the major companies worldwide, India has remained positive in the job market as has make it a point to hire for the retail sectors. As of the experts’ opinion, many of the major firms in India are more interested in hiring talented people rather than hiring large number of people at a time.

As we observe, around 1.5 million new jobs are created in the country every year, but it is lower than the amount of people entering the labor market every year, reports the Financial Express.

Here are some the major layoffs reported in the Business Insider in the month of August, which have hit large number of employees all over the world:

HSBC:

HSBC Bank has already closed its operations in Poland and Russia and it has sold around 195 branches which are mostly in the New York City. But the bank has planed to save $3.5 million through layoffs. In the year 2011, HSBC has already laid off 5,000 people from its different branches, but it has also announced that it may cut around 25,000 more jobs.