HSBC to shed 180 jobs as part of voluntary retirement scheme

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HSBC Malta will be shedding 180 members of staff this year as part of a voluntary retirement scheme announced in October. The exercise will cost it some €16m.

‘The Bank will however, benefit from ongoing cost savings in future years,” it said in a statement on Monday. 

HSBC had, on October 10, announced a strategic plan to increase its focus on digital banking services. The plan will see it close its branches in Birżebbuġa, Cospicua, Fgura, Ħamrun, Marsascala, St Julian’, Qormi, Balzan and St Paul’s Bay while opening a new branch at its main office in Qormi. It also announced plans for four new wealth management centres.

The bank had said that it expected, with trade union agreement, ‘a reduction in roles within the organisation on a voluntary basis’.

Via Times of Malta

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