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HSBC cuts Middle Eastern workforce

HSBC plans to lay off up to three per cent of its 12,000-strong workforce in the Middle East and north africa as it seeks to cut costs to improve its competitiveness.

“As part of a standard operational review of the business to ensure our competitiveness, we have identified an opportunity to improve efficiency through a small reduction of headcount,” it said in an emailed statement to Zawya dow Jones in response to questions. The layoff s will mostly take place in the bank’s corporate and retail arms.

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