Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
HSBC has informed the unions of the details of the new job cuts, most of which concern the corporate sector, where the workforce will be reduced by 28% (557 positions). The bank is reorganising its PMI related business.
This departure plan will be carried out by means of a collective bargaining agreement. Out of the 557 proposed departures, 388 relate directly to the business branch, which has 1,409 employees, representing 28% of the workforce. In addition, 119 positions will be cut in support functions (finance, human resources, compliance, and os on) and 50 in IT. HSBC has already announced in July 2020 a cost-cutting plan involving 235 departures in corporate, investment banking and markets activities.
Two announcements of reorganisations were recorded in 2016 with 466 job cuts, and in 2011 with 672 job cuts.
The bank is also officially changing name, it will be called 'HSBC Continental Europe' and its EU seat will be located in France.
Eurofound (2020), HSBC, Internal restructuring in France, factsheet number 102749, European Restructuring Monitor. Dublin, https://apps.eurofound.europa.eu/restructuring-events/detail/102749.