HSBC insurance venture fires staff in China

HSBC Holdings Plc, Europe's largest bank by market value, fired almost 200 sales staff at its life insurance joint venture in China as it retreats from the industry, sparking a protest at its office. HSBC Life Insurance Co, which the lender owns 50 percent, dismissed its entire sales force wednesday morning as it refocuses on bancassurance, Shellie Zhang, a Shanghai-based spokeswoman, said in an interview. More than 100 protesters gathered at HSBC China's headquarters in the nation's financial capital, demanding compensation for the dismissal.

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