HSBC to wind down German business for transaction services, over 300 jobs to be phased out

HSBC logo is seen in this illustration taken January 7, 2026. REUTERS

FRANKFURT, Sept 9 (Reuters) – HSBC  is winding down its transactions services business ​in Germany, resulting in more ‌than 300 job reductions, a spokesperson confirmed on Wednesday.

• The positions will be ​phased out by 2028 ​in a “socially responsible” manner, the person ⁠said in a written ​statement.
• Affected are some 300 remaining jobs ​at HSBC Transaction Services GmbH and 20 at HSBC Service Company Germany GmbH.
• The ​transactions services division offers ​securities processing, administration and custody.
• Last year, HSBC ‌Germany ⁠completed the sale of its private banking business to BNP Paribas.
• “HSBC is focused on strengthening its ​leadership position ​and ⁠market share in the areas where it has ​competitive advantages and sees ​the ⁠greatest opportunities for growth and supporting clients,” the HSBC spokesperson said.
• The ⁠planned ​job cuts were ​earlier reported by Finanz-Szene.