HSBC is reportedly planning to reduce its workforce in France by 348 positions, representing approximately 10% of its total staff in the country.

This decision is part of an initiative to cut costs as the bank seeks to achieve savings of $1.8bn by the end of 2026, reported Reuters.

The move follows HSBC’s previous divestments of its retail and insurance operations in France, signalling a strategic withdrawal from European and North American markets where the bank has faced challenges competing with larger local institutions.

In a statement, HSBC noted, “These developments in France reflect the acceleration of the implementation of HSBC’s strategy aimed at simplifying the organisation to make it more agile … adapting to an uncertain economic environment, growing competition and high internal costs.”

In February this year, HSBC also announced plans to sell its retail banking division in Bahrain to the Bank of Bahrain and Kuwait (BBK) as part of its global restructuring.

The deal will transfer around 76,000 customer accounts, including retail loans and deposits, to BBK, which is primarily owned by the governments of Bahrain and Kuwait.

In December 2024, HSBC announced that it is exploring cost-cutting measures to save at least $3bn as it restructures its global operations, according to Bloomberg sources.

The bank notified managers that the restructuring is expected to be completed by June 2025.