Overview

• HSBC has proposed cutting 348 positions in France, representing 10% of its workforce in the country, through a formal employment safeguard plan (PSE).
• The job cuts will impact both support and commercial roles, reducing the workforce to approximately 2,650 employees in France.
• This move is part of CEO Georges Elhedery’s global restructuring strategy, introduced in October 2024, to simplify operations and focus on markets with clear competitive advantages.
• The bank aims to achieve $1.5 billion in annual cost savings by the end of 2026 through measures like workforce reductions and asset divestments.
• HSBC previously sold its French retail banking arm in 2024 to My Money Group and plans to finalize the sale of its life insurance business to Matmut by the end of this year.