HSBC Holdings PLC will lay off about 500 employees as it ends its credit card customer service and collections operations in New Castle, Del., Reuters reported on its website.
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The company said it will continue insurance underwriting and insurance customer service operations at the center.
The employee reductions are expected to take place by midyear.
HSBC said the actions address "a range of factors, as part of ongoing efforts to balance customer service and business support needs with staffing levels" in the U.S. credit card network.
