HSBC Bank announced today that it would cut 500 jobs in Asia, with the majority of layoffs occurring in Hong Kong specifically. Although the Asian economies have stayed moderately more stable than their peers, and despite less exposure to American subprime mortgages, Asia is nevertheless beginning to see effects of the global economic downturn. In fact, data revealed last week showed that Hong Kong has officially entered a recession. HSBC cited "deteriorating economic conditions" and a "cautious outlook for 2009" as the primary reasons for the layoffs.
See "HSBC Cuts 500 Jobs in Asia", Bettina Wessener, The New York Times, November 17, 2008