HSBC has confirmed plans to end its transaction services operations in Germany, affecting about 320 positions across two of its local entities.
The bank said on Wednesday that around 300 jobs at HSBC Transaction Services GmbH and a further 20 positions at HSBC Service Company Germany GmbH will be eliminated.
The affected roles are expected to be phased out by 2028 under what HSBC described as a “socially responsible” process.
HSBC’s transaction services division provides securities processing, administration and custody services to clients.
The restructuring follows HSBC Germany’s sale of its private banking business to BNP Paribas last year.
An HSBC spokesperson said the bank is focused on strengthening its position and expanding its market share in areas where it has competitive advantages and sees the strongest opportunities for growth.
The spokesperson added that the strategy would enable HSBC to continue supporting clients in those areas.
The planned job cuts were first reported by German financial news outlet Finanz-Szene.
Goodness Anunobi
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