Following the robust commercial banking, global banking and market business in India, the profit of Hongkong and Shanghai Banking Corporation (HSBC) rose by 33% to $451 million. It has been reported that India is the most profitable destination for banking sectors in the Asia-Pacific regions.

It is not for the first time when HSBC has booked a profit in India. Last years alone, its profit in the country surged to Rs 1,528 crore from Rs 810 crore a year earlier. Stuart A Davis, Chief Executive Officer, HSBC India said, “With a continued positive, macro-economic outlook for India and HSBC's global financial strength and connectivity, we have the momentum to focus on sustainable growth, since India plays an increasingly important role in cementing HSBC's leadership in Asia”.

Although the bank has booked a profit of 33%, it is still looking forward of cutting about 30,000 jobs, globally. It has come to light that cuts in the staffing will be imposed in the countries where the bank is finding it difficult to survive.

Previously, the bank imposed 5,000 cuts on the jobs. It will further cut about 25,000 jobs. Besides, it has emerged that the bank is planning to sell off its US branches to First Niagara Financial for about USD 1 billion in cash. Moreover, it will be closing its other 13 branches.