HSBC Malta has announced the launch of two voluntary redundancy schemes to help it “drive efficiencies and enhance customer experience”.
In its announcement, the bank said it was embarking on the schemes as part of goals to “create a leaner working model that is externally-focused and performance-led”.
The two voluntary redundancy schemes will impact unspecified “limited areas” in the bank, subject to Malta Union of Bank Employees agreement.
The costs of these schemes will be reflected in 2021’s financial results, but HSBC Malta explains that as it is a voluntary scheme, exactly costs will depend on the number of applications.
Simon Vaughan Johnson, CEO of HSBC Malta, said: “Today’s announcement aligns with our Safe Growth strategy. One of the key principles of our strategy is to make it simpler for our customers to do business with HSBC Malta and easier for our colleagues to serve our customers”.
It comes in the wake of a trying 2020 for HSBC Malta, which recorded a year profit before tax two-thirds lower than it did in 2019.
However, it seems that the bank's streamlining plans preceded the pandemic year.
In October 2019, it announced the closure of eight branches, and the creation of a flagship store in Qormi, which opened its doors in May of this year.