Pasadena, CA -- (SBWire) -- 08/08/2011 --With unemployment rate rising high and a new chunk of job seekers entering the market, the job market scenario has been facing a tough time. Job cuts are prominent not only in retail or manufacturing sector but the virus has also entered the banking sector.

Due to thinning revenues in the financial year 2010 - 2011, Barclays Bank had planned to cut around 3,000 jobs in Europe and United States. Moreover, European Bank HSBC also has plans to fire around 30,000 employees worldwide by 2013, the hotspots being the United States.

For streamlining itself, 195 HSBC retail banking branches in the United States will be sold to First Niagara Bank for just about US$1 billion. Most of these branches are in upstate New York, while six are in Connecticut. The bank is preparing not only for laying off workforce, but also to bring down the payrolls to stabilize the constantly disappointing revenues.

President and Director of HSBC USA Inc, Irene Dorner, showed the employees a silver lining on the dark clouds. She said, even after selling its upstate retail branches HSBC will continue to employ more than 4,000 people in western New York.

With the scenario getting worse around the nation, Standard Chartered emerges as a hope for the finance sector. It is planning to add around 2,000 people globally this year. But this doesn't do any better to the worsening scenario in the United States.

Hound does a lot to set things on track. It gathers jobs directly from employer websites and has found almost 13,000 + jobs in the finance service sector nationwide in the last fifteen days.