HSBC cuts nearly 200 jobs in Brandon office

HSBC has filed a WARN notice to lay off 197 employees in Brandon.
[New York Times file photo]
HSBC has filed a WARN notice to lay off 197 employees in Brandon. [New York Times file photo]
Published July 5 2017

BRANDON — Mortgage lender HSBC announced another round of significant layoffs for its Brandon office — 197 employees.

In a WARN layoff notice filed with the Florida Department of Economic Opportunity dated June 30, HSBC said the cuts will be permanent and take place in early September or October. After the downsizing, the office will remain open.

Among the affected positions are analysts, collection specialists and mortgage servicing support.

The layoffs are another phase of what Rob Sherman, spokesperson for HSBC, said in April was a "strategic wind down" for HSBC Finance Corp.

In April, HSBC announced the first wave of the wind down, which resulted in 357 employees being cut. HSBC Bank USA, a separate division, is not affected by the layoffs.

The company, which has been ailing financially in recent years, is selling its loan portfolio for HSBC Finance.

Previous coverage: HSBC laying off 357 employees in Brandon

Based on the estimated headcount of employees expected to remain after the first round of cuts in June, the latest cuts would leave the operation with about 70 remaining employees.

HSBC's revenue has dropped steadily since 2012; in the last quarter of 2016, the company posted a $3.4 billion pre-tax loss.

HSBC Holdings Plc., the banking giant's parent company, is searching for a CEO in anticipation of current CEO Stuart Gulliver retiring next year. A Bloomberg report said the company is considering Peter Hancock, formerly CEO of American International Group Inc.

Contact Malena Carollo at [email protected] or (727) 892-2249. Follow @malenacarollo on Twitter.