<ul><li>HSBC plans to reduce its workforce in France by 348 positions through a voluntary redundancy programme, accounting for around 10 percent of its total employee base in the country.</li><li>The decision is part of a global cost-cutting strategy to streamline operations and reduce operational costs as part of the bank's ongoing restructuring initiative.</li><li>This move follows HSBC's strategic retreat from parts of Europe and North America, with a focus on faster-growing markets in Asia and the Middle East to ensure long-term sustainability and competitiveness.</li><li>The job cuts aim to simplify the organizational structure, improve efficiency, and align with the bank's target of reducing expenses by $1.8 billion by 2026 under the leadership of group CEO Georges Elhedery.</li></ul>

HSBC to cut over 340 jobs in France as part of global cost-cutting strategy

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