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
466 jobs Number of planned job losses
Announcement Date
7 September 2016
Employment effect (start)
1 December 2016
Foreseen end date
30 June 2018
Description
The management of the French subsidiary of the bank HSBC has announced to its Central works council that they intend to innitiate a reorganisation plan that will see 466 positions cut by 2018. The aim is to restore the competitiveness of the company which has been impacted by the low interest rate in the EU. This restructuring will take place within the framework of a global reorganisation plan announced in June 2015. The French subsidiary aims to cut about 25% of its central functions workforce. The plan includes 400 early retirements and a voluntary departure plan opened to IT services, back office services, retail bank, financial and administrative services. HSBC has already cut about 672 positions over a four year period starting in June 2011. HSBC acknowledged a decrease in its returns from €299 million in the first semester of 2015 to €171 million in the first semester of 2016. In the meanwhile, HSBC will invest €170 million the three next years to modernise computer systems.
Sources
7 September 2016: Les Echos
Citation
Eurofound (2016), HSBC, Internal restructuring in France, factsheet number 88491, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/88491.
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