PARIS (Reuters) -HSBC plans to chop 348 jobs in France by way of a voluntary redundancy scheme, amounting to about 10% of its workforce within the nation, the financial institution stated on Wednesday.
The job losses are a part of a cost-cutting drive led by CEO Georges Elhedery, who goals to cut back bills by $1.8 billion by the tip of 2026.
HSBC has already offered its retail and insurance coverage divisions in France as a part of a retreat from slow-growing European and North American markets the place the financial institution has struggled towards bigger home gamers.
“These developments in France mirror the acceleration of the implementation of HSBC’s technique geared toward simplifying the organisation to make it extra agile … adapting to an unsure financial atmosphere, rising competitors and excessive inner prices,” HSBC stated.
(Reporting by Mathieu RosemainEditing by GV De Clercq and David Goodman)