HSBC France to cut 672 jobs by 2014

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HSBC France, subsidiary of the giant British banking group, said Tuesday it will cut 672 jobs by 2014 through voluntary departures to improve efficiency.

The bank currently has 10,000 employees in France.

"We will rely on natural attrition, on retirements," and propose special leave for those nearing retirement, chief executive Christophe de Backer said.

The bank said it expected to have to make no compulsory lay-offs.

HSBC has promised to make major cost savings in its business in coming years under a strategic plan to boost profitability.

© 2011 AFP

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