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.
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
672 jobs Number of planned job losses
Announcement Date
5 July 2011
Employment effect (start)
1 September 2011
Foreseen end date
31 December 2014
Description
On the 5th of July, the French subsidiary of the British bank HSBC has announced to cut 672 jobs by 2014 without forced dismissals as part of its new strategic plan. This number represents 6.72 per cent of the workers in France.
HSBC has already cut 5,000 jobs worldwide in 2011 and another 25,000 job cuts are planned to occur by 2013, following the strategic plan announced by HSBC mid-May (see Factsheet 18258). The management aims to avoid forced dismissals and plans to use retirement and natural departure to reduce the workforce. It will also propose early retirement measures.
The aim is to reduce its operating expenses in the deposit bank activities and to generate a return on equity between 12 and 15 per cent in line with the overall objective of the group. At the same time, HSBC wants to increase the skills of its commercial workforce and will launch training for 1,500 employees.
Eurofound (2011), HSBC, Internal restructuring in France, factsheet number 72550, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/72550.
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