HSBC Holdings PLC said it plans to axe nearly 700 jobs in France as it looks to improve efficiency and accelerate growth in the country, the Wall Street Journal reports.
The bank intends to cut 672 jobs in the country over a little more than three years through staff turnover and without any layoffs, a spokeswoman said Tuesday. The bank employs 10,150 people there through its retail, commercial and investment-banking operations.
The changes in France come amid a wider review that aims to persuade investors that HSBC can post strong returns in tough regulatory and economic conditions that have dragged on its profit.
"This plan demonstrates the high level of ambition HSBC has for the French market," said HSBC France Chief Executive Christophe de Backer....
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