HSBC plans to cut 348 jobs in France through a voluntary redundancy scheme, amounting to about 10% of its workforce in the country, the bank said on Wednesday.
The job losses are part of a cost-cutting drive led by CEO Georges Elhedery, who aims to reduce expenses by $1.8 billion by the end of 2026.
The Reuters Daily Briefing newsletter provides all the news you need to start your day.
HSBC has already sold its retail and insurance divisions in France as part of a retreat from slow-growing European and North American markets where the bank has struggled against larger domestic players.
“These developments in France reflect the acceleration of the implementation of HSBC’s strategy aimed at simplifying the organisation to make it more agile adapting to an uncertain economic environment, growing competition and high internal costs,” HSBC said.
Source : Reuters
International financial integration is often measured through national totals. Yet these totals can conceal very…
The 20th century shift from sterling to the dollar is often cited as evidence that…
The US trade deficit in goods unexpectedly widened in September as imports increased, suggesting that…
The countries of Europe and Central Asia (ECA) cannot afford to miss the opportunity that…
Counting the number of people living in extreme poverty — on less than $3 a…
Recent disruptions to global oil markets, from Russia’s invasion of Ukraine to the war in…