Bank / Credit Union

HSBC cutting global banking jobs in France

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July 7, 2020

HSBC France will be cutting 38%, or 255 of 678 jobs, within its French global banking and markets unit by end of 2021. The cuts are part of a broad strategy to reduce costs, according to Reuters report.

Citing economic reasons to staff, HSBC has asked for volunteers for the job cuts, but if that does not take place, layoffs will be necessary.

HSBC is considered one of Europe's biggest banks and the impact of the coronavirus, coupled with previously falling profits, prompted a new economic strategic plan for the bank's French unit.

"Its principle would be to reallocate capital and resources to overcome the structural challenges in this business, to focus on profitable activities, reduce the cost base and thus safeguard our competitiveness," the bank said in an email statement to Reuters.