Bank of East Asia to cut 3.8% of Hong Kong jobs

[HONG KONG] Hong Kong lender Bank of East Asia Ltd said on Thursday it is cutting 180 jobs in the city, accounting for about 3.8 per cent of its Hong Kong workforce, to improve overall operating efficiency.

In a statement, the bank, one of Hong Kong's last remaining family-run lenders, said it is shutting down all 22 retail branches of its unit East Asia Securities Company Ltd by July 8. But it will continue to serve clients via telephone banking services and other electronic channels.

The layoffs are the first at the bank since 2002, a company spokesman said.

Founded nearly 100 years ago, Bank of East Asia has been targeted by US activist investor Elliott Management Corp, which has urged the bank be put up for sale.

REUTERS