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HSBC cuts 200 staff in India

HSBC Holdings PLC has cut 200 staff in its India operations, The Times of India reported Aug. 22.

The layoffs were in the bank's technology function across the mid-management level, the report said. HSBC had about 14,000 employees across its technology functions in the Indian states of Pune and Hyderabad.

The layoffs are in line with the bank's plan to cut its headcount by around 2%. The bank employs near 240,000 people and the program is aimed at reducing the payroll by approximately 4%.