HSBC to Phase Out German Transaction Services and Over 300 Jobs by 2028
HSBC's Strategic Shift in Germany
Winding Down of Transaction Services Business
FRANKFURT, Sept 9 (Reuters) - HSBC is winding down its transactions services business in Germany, resulting in more than 300 job reductions, a spokesperson confirmed on Wednesday.ย ย
Timeline and Social Responsibility
โข The positions will be phased out by 2028 in a "socially responsible" manner, the person said in a written statement.
Impact on Employees
โข Affected are some 300 remaining jobs atย HSBC Transaction Services GmbH and 20 at HSBC Service Company Germany GmbH.
Scope of Transaction Services Division
โข The transactions services division offers securities processing, administration and custody.
Recent Developments and Strategic Focus
Sale of Private Banking Business
โข Last year, HSBC Germany completed the sale of its private banking business to BNP Paribas.
HSBC's Ongoing Strategy
โข "HSBC is focused on strengthening its leadership position and market share in the areas where it has competitive advantages and sees the greatest opportunities for growth and supporting clients," the HSBC spokesperson said.
Media Coverage
โข The planned job cuts were earlier reported by Finanz-Szene.
(Reporting by Tom Sims and Lawrence WhiteEdting by Miranda Murray)
