BANK NOT ES
Confident of growth HSBC have been a major player in Qatar for over half a century, but have cited being uncompetitive in some markets as a reason to shed jobs globally. Will this have an impact on their focus here? Rory Coen finds out.
Despite
the recent announcement at HSBC that they are to cut 30,000 jobs globally, their aspect for the Middle East is more positive and they see Qatar as a market where they can flourish and grow. The banking giant has a 57-year history here and is working diligently to provide for its market's evolving needs. The recently appointed Head of Retail Banking and Wealth Management (RBWM) in the Middle East & North Africa HSBC, Francesca McDonagh, spoke with comforting tones about their strategy here. “The Middle East is a strategic focus for us, and within the region, Qatar is a very important country and market for us. I am very focused on our premium segments in Qatar – that’s our Premier and Advanced segments – and also the development of more wealth, services and propositions for our customers. I’m very confident about the future for Qatar as a country and for our support of the business,” she said. “We have a 57-year heritage here, which I feel is impressive. We have a high recommendation level amongst our customers and towards our banking products and
services. In this market, we are unmatched in terms of global connectivity. We’re able to offer our customers with international needs unrivalled services for their personal banking.” Job Cuts HSBC made a pragmatic gesture when they announced they were shedding 30,000 jobs between now and 2013 in regions where they weren’t being competitive. Whilst they did announce very favourable first half figures (pre-tax profits of $11.5
billion, up from $11.1 billion a year ago and better than the expected $10.8 billion), they are intent on restructuring to stay competitive and cite emerging markets as their means. “What’s being confirmed in the press is a strategic exit from certain markets,” said McDonagh. We have to make cost efficient and smart decisions wherever we work in the world, our new CEO [Stuart Gulliver] is being clear about this. We need to make sure we are investing and growing where it makes sense. I think if you’re smart and
september 2011
Qatar Today 23