HSBC Switzerland Turns Profits and Cuts Jobs
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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.
Questions & Answers
Q.What was the total pre-tax profit for HSBC Switzerland last year?
What was the total pre-tax profit for HSBC Switzerland last year?
HSBC's Swiss subsidiary reported a pre-tax profit of $44 million in 2021. This performance reversed the previous year's loss of $16 million, according to their annual report.
Q.Which specific business divisions contributed to HSBC Switzerland's pre-tax profit?
Which specific business divisions contributed to HSBC Switzerland's pre-tax profit?
The wealth & personal banking division posted a pre-tax profit of $46 million. Also, the commercial banking division contributed a further $10 million to the overall profit.
Q.Which areas of the business will be affected by the job cuts in Switzerland?
Which areas of the business will be affected by the job cuts in Switzerland?
The approximately 100 job cuts announced in February will primarily impact IT and back-office functions. These positions are being relocated to more cost-effective sites, rather than affecting client-facing roles.
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