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HSBC Malta Confirms ‘A Number’ Of Local Roles Removed As Bank Announces 35,000 Jobs Will Be Cut Globally

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A number of HSBC workers in Maltese branches have voluntarily been removed from their jobs in a planned exit from 2019 as HSBC international announces a major overhaul moving forward.

The global banking giant said it would be removing up to 35,000 workers over the next three years as the company goes through a major asset overhaul.

Speaking to Lovin Malta, a spokesperson for the bank said the changes come following a major announcement back in October 2019 as HSBC change their business model to find the “correct balance between traditional and digital services”.

“As part of those changes the bank explained that on a voluntary basis, the number of roles in the bank would reduce. This plan is progressing well as evidenced by our strong results in Malta today,” the spokesman said.

Assets worth around €100bn are set to be shed alongside a downsizing of the company’s investment branch as the company attempts to streamline its operations to become more competitive.

The decision comes as the bank faces a series of challenges, from Brexit to slowing growth of its main markets to the coronavirus – 90% of the bank’s profit comes from Asia, with many of its staff and customers being affected by the new Chinese virus.

“The totality of this program is that our headcount is likely to go from 235,000 to closer to 200,000 over the next three years,” Interim chief executive Noel Quinn said alongside the announcement.

HSBC said its 2019 profit before tax dropped by about £5bn from the previous year, from £10.2bn to £15.3bn. They said around £5.6bn in ‘write-offs’ in its global banking and markets, as well as its European commercial banking business units, had contributed to this.

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