HSBC Aims to Finalize French Investment Bank Cuts by 2022
- Bank intends to cut Paris GBM headcount by a third, union says
- Plan will include voluntary departures, potential layoffs
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HSBC Holdings Plc’s French unit aims to cut more than a third of its Paris-based investment banking and markets team before 2022, according to a union website.
The bank expects voluntary departures, but may need to dismiss some staff in the 678-person global banking and markets team if needed, the union said. HSBC introduced the plan to employee representatives on Monday, according to Les Echos.