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Sacked employees demand meeting with HSBC Life Insurance executives
By Hu Xiaocen |
March 21, 2013, Thursday
|
Online Edition
Online Edition
MORE than 100 sacked employees from HSBC Life Insurance Co staged a protest at the lender's Shanghai office in Lujiazui for the second straight day, demanding a meeting with top executives.
HSBC said in an e-mail today that after reviewing its life business in China it decided to eliminate contracted direct sales and shift to bancassurance.
A number of direct sales staffs have been offered alternative arrangements with Allianz Life Insurance, while others have been offered redeployment, HSBC said.
The German insurer Allianz said in a separate statement that the company has been HSBC's strategic partner since 2008 and is willing to provide job opportunities to HSBC's contracted staff.
One sacked employee surnamed Wang told Shanghai Daily she wasn't aware of any redeployment arrangements.
"I'm not aware of any compensation plans so far," Wang said. It's the company's arrogant and condescending attitude that really upset us. We've been kept in the dark so we are here to protest for a chance to talk to the executives."
Some of the protesters carried signs that said "fraud" in Chinese and HSBC's logo. There were also minor scuffles between protesters and security guards yesterday afternoon as sacked employees were restrained from entering the office area, according to the protesters.
HSBC, Europe's biggest bank, owns a 50 percent share in HSBC Life Insurance Co, a joint venture insurance firm founded in 2009 with Beijing-based National Trust. The insurer lost 146.3 million yuan (US$23.6 million) in 2011 and 121.9 million yuan in 2010, according to its latest annual report.
HSBC said in an e-mail today that after reviewing its life business in China it decided to eliminate contracted direct sales and shift to bancassurance.
A number of direct sales staffs have been offered alternative arrangements with Allianz Life Insurance, while others have been offered redeployment, HSBC said.
The German insurer Allianz said in a separate statement that the company has been HSBC's strategic partner since 2008 and is willing to provide job opportunities to HSBC's contracted staff.
One sacked employee surnamed Wang told Shanghai Daily she wasn't aware of any redeployment arrangements.
"I'm not aware of any compensation plans so far," Wang said. It's the company's arrogant and condescending attitude that really upset us. We've been kept in the dark so we are here to protest for a chance to talk to the executives."
Some of the protesters carried signs that said "fraud" in Chinese and HSBC's logo. There were also minor scuffles between protesters and security guards yesterday afternoon as sacked employees were restrained from entering the office area, according to the protesters.
HSBC, Europe's biggest bank, owns a 50 percent share in HSBC Life Insurance Co, a joint venture insurance firm founded in 2009 with Beijing-based National Trust. The insurer lost 146.3 million yuan (US$23.6 million) in 2011 and 121.9 million yuan in 2010, according to its latest annual report.
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