HSBC Cuts 600 Employees

Due to the market's decrease in origination volume, HSBC has made plans to shut down a 600-employee Carmel, Ind. facility next year.A spokesman said the company plans to complete the office's shutdown by the second quarter of 2008 and is encouraging workers from the office being shut to apply for open positions elsewhere within the organization. The office primarily handled retail mortgage production and the employees affected generally hold sales, underwriting or support positions, according to the spokesman.