HSBC to Exit German Transaction Services, Cutting Over 300 Jobs
HSBC is winding down its transaction services business in Germany, resulting in the elimination of more than 300 jobs. The bank will phase out the roles by 2028 in a socially responsible manner, affecting about 300 positions at HSBC Transaction Services GmbH and 20 at HSBC Service Company Germany GmbH. The move follows HSBC Germany's 2025 sale of its private banking arm to BNP Paribas.
HSBC is gradually winding down its transaction services operations in Germany, leading to the elimination of more than 300 jobs. In a written statement, an HSBC spokesperson said the affected positions would be phased out by 2028 in a socially responsible manner. The cuts include the remaining approximately 300 roles at HSBC Transaction Services GmbH and 20 positions at HSBC Service Company Germany GmbH.
In 2025, HSBC Germany completed the sale of its private banking business to BNP Paribas. The latest job reductions affect the two German entities mentioned above.