HSBC cuts 38% of global banking and commercial jobs in France

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A woman wearing a protective mask walks past an HSBC bank logo in the La Défense financial and business district near Paris as France began gradually ending a nationwide foreclosure due to the coronavirus disease (COVID-19), May 11, 2020 REUTERS / Gonzalo Fuentes

PARIS (Reuters) – HSBC France is looking to cut 255 of the 678 jobs in its French banking and global markets unit by the end of 2021 as part of a broader plan to cut costs, a union said on its website. .

Last month, the bank resumed plans to cut about 35,000 jobs worldwide, which were cut after the coronavirus epidemic, as Europe’s largest bank struggles with the impact on its profits already falling.

An HSBC spokesperson in Paris said the bank had presented a strategy for “Global Banking and Markets” to staff in France.

“Its principle would be to reallocate capital and resources to overcome the structural challenges of this activity, focus on profitable activities, reduce the cost base and thereby safeguard our competitiveness,” the bank said in an email statement.

He added that his strategy was to be a leading international bank in Europe and to continue to have an anchor in Paris that would help provide access to continental Europe for customers around the world.

The HSBC FO union has declared on its website that the departures will be on a voluntary basis, but if there were not enough volunteers, there would be “redundancies for economic reasons”.

The French daily Les Echos announced the cuts on Tuesday.

Report by Maya Nikolaeva in Paris; edited by Lawrence White and Jason Neely

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