The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Birżebbuġa, Cospicua, Fgura, Ħamrun, Marsascala, St Julian’, Qormi, Balzan and St Paul’s Bay
Sector
Financial Services Financial And Insurance Activities Financial Service Activities, Except Insurance And Pension Funding 64 - Financial service activities, except insurance and pension funding
180 jobs Number of planned job losses
Announcement Date
18 November 2019
Employment effect (start)
18 November 2019
Foreseen end date
31 December 2019
Description
HSBC Malta plc announced that by the end of the year it will be cutting 180 employees from all over Malta through its voluntary retirement scheme. HSBC stated that it had not specified the number of job cuts and the figure of 180 employees originated from the eligible applicants who voluntarily opted to participate in this scheme.
On the 10th of October 2019 HSBC announced a strategic plan to direct its focus on digital banking services and to reorganise and update its branches. This plan includes the shutting down of eight branches across Malta by the end of 2019. HSBC announced that this restructuring came as a result of changes in customer banking trends and will help to mitigate long-term impact of negative interest rates.
Eurofound (2019), HSBC Bank Malta plc, Internal restructuring in Malta, factsheet number 99143, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/99143.
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