HSBC France to cut 1 in 3 global banking and markets jobs

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HSBC France to cut 1 in 3 global banking and markets jobs

HSBC has announced sweeping cuts to its workforce in Paris as part of the UK-based giant's worldwide job cuts of 35,000.

The Global Banking and Markets arm of HSBC France is to lay off 255 of 678 positions, according to French business daily Les Echoes today.

HSBC remains Europe's biggest bank by assets yet its French operations, where its European banking division is based, have struggled in recent years with low interest rates and an under-performing investment arm. The retail banking division of HSBC France is up for sale.

The bank's 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."

An HSBC spokeswoman said in a statement online that the bank's 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 cost-saving round of job cuts is expected to be completed by the end of next year.

HSBC has been operating in France since 2000 when the international bank bought Crédit Commerciale de France (CCF). It currently employs around 4,000 staff in France, mostly within its retail division.

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Christopher Copper-Ind

Christopher Copper-Ind is editor-in-chief of International Investment. Before this, he was editorial director of The Business Year, from 2014 to 2017.