EMCC European Monitoring Centre on Change



Geographic Location

Country: France


Sector: Financial services
Financial and insurance activities
64 - Financial service activities, except insurance and pension funding
Number Employed: 10000

Employment Effects

Announcement Date: 05-07-2011
Planned Job Reductions min: 672
Planned Job Reductions max: 672
Type of Restructuring: Internal restructuring
Employment Effect Start: 01-09-2011
Foreseen End Date: 31-12-2014
Other Job Reduction Measures: 672

Additional Information

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.