Düsseldorf, September 9, 2026. As part of major bank HSBC’s workforce reduction, around 320 jobs in German securities processing will be eliminated by 2028. Approximately 300 of these positions are at HSBC Transaction Services, with another 20 at a service subsidiary. HSBC plans to phase out the business and implement the job cuts in a socially responsible manner. Customers are not expected to experience any immediate changes. At the same time, the bank is continuing its withdrawal from several German business areas.
HSBC Job Cuts Mark the End of a Specialized Business Unit
HSBC Transaction Services handles securities settlement, administration, and custody for financial clients. For a long time, this business was part of the specialized infrastructure services provided by the Düsseldorf office. However, HSBC intends to focus capital and management resources on areas offering greater competitive advantages. Consequently, this segment of the German securities services business is now being discontinued.
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The job cuts at HSBC follow several divestments in Germany. The private banking business was fully transferred to BNP Paribas back in October 2025. In addition, HSBC is selling its German custody and depositary business to the same French group. The transfer of clients and employees has been proceeding in stages since 2026.
HSBC Divests Further Businesses in Germany
Fund administration is also no longer a core focus of the German strategy. In 2025, HSBC agreed to sell its subsidiary INKA to BlackFin. At the end of 2024, the company managed assets totaling approximately €430 billion. Furthermore, employees are set to remain with INKA following the completion of the transaction.
These sales are part of an ongoing effort to streamline the HSBC Group, a process that began in October 2024. The bank is realigning its securities services business to focus more heavily on Asia and the Middle East. In Europe, London, Ireland, and Luxembourg are designated to serve as strategic hubs. Consequently, Germany is becoming less significant operationally within this business segment.
Around 320 jobs to be cut by 2028
For Düsseldorf, HSBC’s job cuts therefore carry greater significance than a standard cost-saving measure. An entire specialized business unit, comprising around 300 remaining positions, is set to disappear by 2028. In addition, approximately 20 jobs at HSBC Service Company Germany will be eliminated. The group is planning a multi-year downsizing process rather than an abrupt cut.
Nevertheless, HSBC will remain active in the German corporate and institutional client business. The bank intends to further expand this international business in particular. Consequently, the staff reductions do not signal a complete withdrawal from Germany. However, they clearly indicate which services the group no longer wishes to operate in-house in Germany.
Author: Blackout News
Sources: Bussinews Quarter (10.09.26) – WirtschaftsWoche (09.09.26) – Handelsblatt (09.09.26)