HSBC Malta has said that it expects to reduce its staffing levels by 180 jobs, in an announcement on the Malta Stock Exchange.
Recently, HSBC Malta announced a strategic plan to increase its focus on digital banking services and to modernise its branch network. The plan includes the shutting down of eight branches by the end of the year. “This will enable HSBC Malta to maximise the opportunities from the rapidly changing way customers are using banks,” the bank had said in a statement. It had also announced that the reduction in roles would be on a voluntary basis.
On Monday, HSBC made an announcement on the Stock Exchange.
“On 10 October 2019, HSBC Bank Malta p.l.c. announced a strategic plan to increase its focus on digital banking services and to modernise its branch network. Further to that announcement, the application period for the associated voluntary schemes has closed and communication with employees will start shortly. The Board is now in a position to confirm that it is expecting staffing levels to reduce by around 180 and, as a result, in the financial year ending 31 December 2019 the Bank will incur a restructuring charge of circa €16m.”
“The Bank will however, benefit from ongoing cost savings in future years. The Bank will remain one of country’s largest employers. The implementation of the strategic actions announced in October 2019 will enable it to maximise the opportunities arising from changing customer usage of banks and to continue to mitigate long-term impact of negative interest rates.”