HSBC to Trim Jobs in France
London-headquartered HSBC continues to retreat from markets where it lacks scale with the latest job cut announcement in France.
HSBC’s France unit will offload 348 jobs through a voluntary redundancy scheme, according to a statement. This is equivalent to approximately 10 percent of its workforce in the country.
«These developments in France reflect the acceleration of the implementation of HSBC’s strategy aimed at simplifying the organization to make it more agile, bringing together Commercial Banking activities and Global Banking and Market activities, and adapting to an uncertain economic environment, growing competition and high internal costs,» the bank said.
Market Retreat
The latest job cut announcement is part of HSBC’s ongoing retreat from European and North American markets alongside a pivot to Asia. Under CEO Georges Elhedery, the bank aims to reduce costs by $1.8 billion by end-2026.
In early 2024, HSBC sold its French retail banking business to France to CCF, a subsidiary of My Money Group, and followed up with a sales announcement of its French insurance arm to Matmut Société d’Assurance Mutuelle.