HSBC will be accepting some 130 applications for early retirement, the bank said this morning.

In an announcement on the Malta Stock Exchange, the bank said that following its November statement on improving the bank’s productivity and cost effectiveness, it approved a plan to deliver sustainable cost savings.

This was done in a context of higher operating costs and a decline in profitability, mainly through an early retirement scheme for employees.

It said that following a comprehensive review of the applications received, it intended to accept around 130 applications.

The estimated cost of this one-off expenditure is around €14.7 million.

It will enable the bank to reduce its annual operating costs by some
€4.4 million.

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