HSBC Switzerland Turns Profits and Cuts Jobs

HSBC’s turned a profit in 2021. Planned job cuts are not expected to affect the client business.

The Swiss subsidiary of British financial group HSBC reported a pre-tax profit of $44 million last year, more than reversing the previous year’s loss of $16 million, according to the bank’s annual report.

The wealth & personal banking division posted a pre-tax profit of 46 million dollars, with commercial banking chipping in a further 10 million.

Locally, the unit sees itself well positioned to benefit from rising interest rates. The roughly 100 Swiss job cuts announced in February will mainly affect IT and back-office functions, as positions are relocated to more cost-effective sites.