HSBC to shed 180 jobs after workers take up voluntary redundancy scheme

HSBC says its restructuring plan unveiled last October has resulted in 180 employees taking up voluntary redundancy or retirement schemes that will cost the company around €16 million

HSBC's workforce will reduce by 180
HSBC's workforce will reduce by 180

HSBC Malta will shed 180 jobs after these employees took up the voluntary redundancy and retirement schemes announced last month as part of a restructuring exercise, the bank said on Monday.

In a statement on the Malta Stock Exchange, HSBC said the exercise would cost the company around €16 million.

On 10 October, HSBC had announced its strategic plan to increase its focus on digital banking services, a decision that includes the closure of branches in Birżebbuġa, Cospicua, Fgura, Ħamrun, Marsascala, St Julian’, Qormi, Balzan and St Paul’s Bay.

“The board is now in a position to confirm that it is expecting staffing levels to reduce by around 180 and, as a result, in the financial year ending 31 December 2019 the Bank will incur a restructuring charge of circa €16m,” the bank said, adding it will continue to benefit from ongoing cost savings in future years. 

“The implementation of the strategic actions announced in October 2019 will enable it to maximise the opportunities arising from changing customer usage of banks and to continue to mitigate the long-term impact of negative interest rates,” HSBC said.

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