HSBC Malta announces voluntary redundancies as bank plans more automation

HSBC Bank Malta is embarking on two voluntary redundancy schemes in a bid to create a “leaner working model”.

The bank said the schemes will be impacting a limited number of ares in the bank, subject to agreement with the Malta Union of Banking Employees.

Restructuring costs to deliver these changes will be booked in the 2021 financial results. As the schemes are voluntary, the amount will depend on the number of applications.

The bank said it was moving towards further automation of certain of its areas, as well as transferring some employees and activities to another service provider.

“The bank aims to create a leaner working model that is externally-focused and performance-led, building and investing in a bank that is fit for the future and which is centred around customers.

“The strategic initiative relates primarily to the transformation and automation of certain areas within the bank, and also to a planned transfer of a number of employees and activities to a local service provider,” the bank said in a statement to the market.

Simon Vaughan Johnson, CEO HSBC Malta said: “Today’s announcement aligns with our ‘safe growth’ strategy. One of the key principles of our strategy is to make it simpler for our customers to do business with HSBC Malta and easier for our colleagues to serve our customers. By streamlining our working model, we will create capacity for future growth and investment.”