HSBC wants to eliminate 672 jobs in France
The French subsidiary of British bank HSBC has indicated, Tuesday, July 5, willingness to eliminate 672 positions as part of its new strategic plan in 2014. HSBC France has, however, rely on voluntary departures, said the CEO, Christophe de Backer , during a press briefing.
The plan, which is a variation of one that was announced by the group in mid-May, should allow the establishment of "accelerate [its] income" and to "improve [its] efficiency" said M. de Backer.
The bank currently employs about 10,000 people in France. On job cuts, "we will rely on natural attrition, the retirement" and offer to eligible employees, close to retirement age, leave at retirement and solidarity, a detailed the Director General.
NO forced departure
According to the projections of the bank, the total of these three categories is potentially over three years, more than double the number of planned job cuts. There is no provision for forced departures. The French version of the strategic plan focuses on the development of wealth management customers, already one of the strengths of the bank in France, international openness offered to corporate clients, the bank market and the synergies between businesses.
This project should enable HSBC France to lower its operating ratio, currently 71%, at the French market average, between 62% and 64%. It should also lead the bank to achieve a return on equity between 12% and 15%, consistent with the objective of the group.