Malta Union of Bank Employees (MUBE) President William Portelli has not heard from HSBC Malta on this issue however says that "no news is good news, as long as there are no surprises forthcoming".

HSBC Holdings, Britain's largest bank by market value, will cut between 22,000 and 25,000 jobs around the world in an attempt to reduce costs and shift its center of gravity back toward fast-growing Asian economies.

Mr Portelli did say however, that in the past the bank would call up and tell them not to worry about announcements if they didn't affect the local branch.

The agreement between HSBC Malta and the Union requires consultation before any layoffs occur, he said, adding that since the return on equity by the Maltese branch has always been very good it is unlikely that Malta would be affected by layoffs.

The uncertainty on the run-up to the announcement is unacceptable he said, adding that this is not healthy for employees. He stressed that the local workforce in the bank performs well. He stressed that the Union monitors the bank and it has constantly performed well.

The Union understands the importance of productivity he explained, again reiterating that the Union is conscious as to why the Maltese branch must constantly perform and give added value.

He said that the Union and the bank have always discussed any redundancies and generally come to agreements.

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