(Hong Kong) – Hong Kong’s 5th largest bank, Bank of East Asia, is laying off 200 of its 3,500 local staff in response to an expected recession in the territory.This is accompanying the closure of 7 of its 127 branches in the territory following its takeover last 2000 of FPB Bank.
Banks in Hong Kong are shaping up for tough times as the economy slides toward a recession, consumers and businesses become reluctant to borrow even at historically low interest rates and margins continue to be squeezed as bad loan provisions climb.