
Group 1 - Hang Seng Bank has initiated a significant layoff process since late March, with reductions in some departments ranging from 10% to 50%, expected to be completed by the end of June [2] - The layoffs primarily affect support departments, strategy and corporate development, as well as IT, corporate communications, and the Hang Seng Index Company [2] - Employees in affected departments must reapply for their positions, competing with both internal and external candidates, with potential changes in job titles due to restructuring [2] Group 2 - Hang Seng Bank, established in 1933 and a core member of HSBC Group, reported a net operating income of HKD 41.537 billion for 2024, a year-on-year increase of 1.75% [3] - The bank's net profit attributable to shareholders was HKD 18.379 billion, up 2.98%, with earnings per share at HKD 9.33 and a dividend of HKD 6.80 per share, reflecting a 4.6% increase [3] - Despite a 4.68% decrease in net interest income to HKD 30.784 billion due to weak loan demand, non-interest income surged by 26% to HKD 10.753 billion, driven by significant contributions from wealth management [3] - As of the end of 2024, the bank's total assets reached HKD 1,795.196 billion, with a robust capital adequacy ratio and a common equity tier 1 capital ratio of 17.7% [3] - The bank's non-performing loan ratio rose to 6.12%, the highest since 2014, due to cash flow pressures on commercial real estate clients in Hong Kong [3]