Job cuts, according to HSBC’s union in France would be on a voluntary basis, whilst however cautioning that were enough people to not volunteer, layoffs for economic reasons could take place.
An HSBC spokeswoman from Paris told Reuters that it had presented a strategy to its global banking and markets unit staff in France, which entails a focus on profitable activities, reduction of cost base, as well as to reallocate capital and resources. The strategy was guided to “overcome the structural challenges in this business and thus safeguard our competitiveness.”
The bank however added that its focus was to be a leading international bank in Europe, and would continue to be based in Paris to provide access to continental Europe for clients throughout the world.
