Your Local HSBC Branch Might Shut Down

The Daily Star:

HSBC has embarked on a major global restructuring program that will include its operations in Lebanon, a banking source told The Daily Star Friday. “HSBC branches in Lebanon will eventually witness some restructuring as part of the plan set by the administration in London,” the source said.

Translation: Expect HSBC to shut down several branches, sack many employees, and keep a bare bones operation in Lebanon. Here’s how HSBC’s chief in Lebanon responded:

I am not going to comment on these reports. But I can say that we are quite happy with our operations in Lebanon.

Translation: We’re screwed.