HSBC Holdings Plc has announced that its Hong Kong employees will get an extra day off as a way to encourage the employees as six months of continuous street protests have disrupted the financial hub.
The banking giant that employs about 21,000 people in the city ends up making about 90 percent of its profits in Asia. Hong Kong’s trade-dependent economy has slumped into recession because of a political upheaval leading to closure of several businesses. Thus, a once-favorite city among business travelers and tourists has been keeping the tourism industry at bay due to a lower output and weaker global demand.
In its Q3, the bank has credited its Asia operations with being able to hold the earnings even though the financial hub was surrounded by challenges and turmoil.
“Thanks to your perseverance and dedication, HSBC has been able to sustain our operations and stand by our customers in these unprecedented circumstance,” said Ms. Diana Cesar, the bank’s local chief executive in Hong Kong.