HSBC to keep hiring in China amid global cuts

SHANGHAI - HSBC Holdings PLC said on Tuesday that it will continue to hire and invest in China, despite plans to cut tens of thousands of employee worldwide.

Europe's biggest bank said on Monday it will eliminate 30,000 jobs by the end of 2013, or about 10 percent of staff, to rein in salary costs, while hiring more people in emerging markets.

Asia-Pacific Chief Executive Officer Peter Wong told reporters in Shanghai that there would not be lay-offs in China, which the bank sees as one of its "high-growth" markets.