HSBC to wind down German business for transaction services, over 300 jobs to be phased out

FRANKFURT, Sept 9 (Reuters) - HSBC is winding down its transactions services business in Germany, resulting in more than 300 job reductions, a spokesperson confirmed on Wednesday.  

• The positions will be phased out by 2028 in a "socially responsible" manner, the person said in a written statement.

• Affected are some 300 remaining jobs at HSBC Transaction Services GmbH and 20 at HSBC Service Company Germany GmbH.

• The transactions services division offers securities processing, administration and custody.

• Last year, HSBC Germany completed the sale of its private banking business to BNP Paribas.

• "HSBC is focused on strengthening its leadership position and market share in the areas where it has competitive advantages and sees the greatest opportunities for growth and supporting clients," the HSBC spokesperson said.

• The planned job cuts were earlier reported by Finanz-Szene.

(Reporting by Tom Sims and Lawrence WhiteEdting by Miranda Murray)