HSBC to axe jobs in Luxembourg
HSBC Private Bank in Luxembourg is to cut 32 jobs as a result of the reorientation of commercial strategies and the outsourcing of some activities.
The dismissals are part of a social plan signed by unions and the staff delegation this Friday. Trade unions ALEBA, OGBL and LCGB and the personnel delegation of the London based bank came together for the signing of the severance plan.
"We are reshaping our private banking business in Luxembourg. Luxembourg remains an important business for the private bank, where we will continue to offer the same breadth of products and services as we do today and to focus on managing the wealth of our clients," a spokersperson told Paperjam.
Luxembourg remains an important business for the private bank, where we will continue to offer the same breadth of products and services as we do today and to focus on managing the wealth of our clients"
According to the unions, the negotiations went well, but they regretted that employees were suffering as a result decisions which have the sole aim of generating profit for the company.
The decision from the UK lender comes only months after Schroders announced it would cut between 50 to 100 jobs at its Luxembourg office.
Subscribe to International Investment's free, twice-daily, newsletter
More on Banking
Most read
