HSBC is set to discontinue its transaction services operations in Germany, impacting more than 300 jobs

HSBC is set to conclude its transaction services operations in Germany, impacting approximately 320 positions as the bank undergoes a restructuring of its business through 2028.

HSBC has announced its decision to cease transaction services operations in Germany, impacting approximately 320 jobs across two of its local entities.

The bank announced on Wednesday that approximately 300 jobs at HSBC Transaction Services GmbH and an additional 20 positions at HSBC Service Company Germany GmbH will be cut.

The roles impacted are anticipated to be gradually eliminated by 2028, following what HSBC has characterized as a “socially responsible” approach.

HSBC’s transaction services division offers clients securities processing, administration, and custody services.


The restructuring comes in the wake of HSBC Germany’s divestment of its private banking business to BNP Paribas last year.

An HSBC spokesperson stated that the bank is dedicated to enhancing its position and increasing its market share in regions where it possesses competitive advantages and identifies the most promising growth opportunities.

The spokesperson stated that the strategy would allow HSBC to continue providing support to clients in those areas.

The initial report regarding the planned job cuts came from the German financial news outlet Finanz-Szene.