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Paris (Reuters) -HSBC plans to reduce 348 jobs in France through a voluntary redundancy scheme, which was 10% of its labor force in the country, said the bank on Wednesday.
Work losses are part of a cost reduction impulse directed by CEO Georges Elhedery, which aims to reduce $ 1.8 billion expenses at the end of 2026.
HSBC has already sold its retail and insurance divisions in France as part of a retreat from European and American markets of slow growth, where the bank has fought against the largest national players.
“These developments in France reflect the acceleration of the implementation of the HSBC strategy aimed at simplifying the organization to make the more agile … adapting to an uncertain economic environment, increasing competition and high internal costs,” said HSBC.
(Report by Mathieu Rosemainediting by GV of Clercq and David Goodman)
