HSBC is set to axe about 260 jobs in its Swiss private banking arm over the next two years, as it plans to switch to a new core banking platform.
The bank, which has invested over $200m to improve information technology and offices, will start the redundancies in the second quarter of this year, reported Swiss newspaper L’Agefi.
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The bank said in a memo that around 80% of the reductions will affect its back office functions in Geneva, which includes IT staff. The move could also include voluntary departures and retirees.
"HSBC Private Bank (Suisse) SA is currently consulting with employees about an expected headcount reduction arising from further streamlining of the Bank and the implementation of a new core banking platform," HSBC said.
The lender however added that it is fully committed to Switzerland as a priority market and a major private banking centre, and has invested over $200m to improve information technology and offices.
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