Paris (Reuters) – HSBC plans to remove 348 jobs in France, or around 10% of its workforce in the country, through a job safeguard plan including voluntary departures, the Sino -British bank announced on Wednesday.
These positions of posts are part of a cost reduction program, implemented by the director general Georges Elhedery, who aims for $ 1.8 billion in the end of 2026.
HSBC has already sold its retail and life insurance activities in France as part of a withdrawal from European and North American markets, with low growth, where the bank was faced with competition from larger national players.
“These developments are the reflection in France of the acceleration of the execution of the HSBC strategy aimed in particular to simplify the organization to make it more agile (…) and to adapt to an unstable economic situation, to increased competition and to high internal costs,” said HSBC in a press release.
(Mathieu Rosemain report, Nicolas Delame and Benjamin Mallet, edited by Blandine Hénault and Kate Entringer)
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