HSBC Bank to Cut 348 Jobs in France Amid Cost Cutting Drive
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HSBC, one of the world’s largest banks, announced on Wednesday that it plans to reduce its workforce in France by 348 jobs. This reduction will happen through a voluntary redundancy program, meaning employees can choose to leave their jobs with compensation. The number of jobs being cut represents about 10% of HSBC’s total staff in France.
HSBC Holdings plc is a British universal bank and financial services group headquartered in London, England, with historical and business links to East Asia and a multinational footprint. It is one of the largest Europe-based bank by total assets under management (AUM), ahead of BNP Paribas, with US$3.098 trillion as of September 2024. Also putting it as the 7th largest bank in the world by total assets behind Bank of America, and the 3rd largest non-state owned bank in the world.
This move is part of a bigger effort by HSBC’s CEO, Georges Elhedery, to lower the bank’s overall costs. The bank aims to save $1.8 billion by the end of 2026 by cutting expenses in various areas.
In recent years, HSBC has been pulling back from markets in Europe and North America that grow slowly and where the bank faces tough competition from bigger local banks. For example, HSBC has already sold its retail banking and insurance businesses in France as part of this strategy.
HSBC explained that these changes in France are a sign of the bank speeding up its plan to simplify its operations. The goal is to make the bank more flexible and better prepared to handle uncertain economic times, increasing competition, and high costs inside the company.
Recently, Microsoft has also announced plans to cut approximately 6,000 roles across its global workforce, citing efforts to streamline its organisational structure and reduce layers of management. The job reductions will affect fewer than three per cent of the company’s total staff and will span various departments, levels, and regions — including LinkedIn.
A company spokesperson stated the move is part of ongoing adjustments designed to keep Microsoft competitive in an increasingly dynamic market landscape. “We continue to implement organisational changes necessary to best position the company for success in a dynamic marketplace,” the spokesperson said.
The technology giant, which had a global headcount of 228,000 as of June 2024, regularly undertakes strategic layoffs to refocus on key business areas. This latest round of cuts follows a broader trend across the tech industry, where companies are recalibrating amid shifting demands and rising operational costs.
Microsoft last implemented significant job cuts in January 2023, when around 10,000 employees were let go — impacting teams working on HoloLens, its augmented reality headset, and other hardware divisions.
