Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The banking and financial services organisation HSBC Bank Malta plc has announced that it plans to cut 130 jobs through a voluntary retirement scheme. HSBC believes that this measure will curb operating costs and address its decline in profitability.
This scheme, that will cost the bank €14.7 million to implement, is expected to result in a one-time reduction in the bank’s profits. In the long-term HSBC envisages that this measure will lead to a €4.4 million reduction in yearly operating costs.
It is assumed that the execution of this restructuring initiative is imminent as:
Eurofound (2016), HSBC Malta, Internal restructuring in Malta, factsheet number 86369, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/86369.
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