HSBC is winding down its transaction services business in Germany, phasing out about 300 positions at HSBC Transaction Services GmbH and 20 at HSBC Service Company Germany GmbH by 2028, a spokesperson confirmed on Wednesday. HSBC Germany completed the sale of its private banking operations to BNP Paribas in October 2025, and agreed in June 2025 to sell its custody and depositary business to BNP Paribas. The planned cuts were first reported by the German financial news portal Finanz-Szene before HSBC confirmed them.
A DÜSSELDORF FRANCHISE IN RETREAT
The affected entities are part of HSBC's Düsseldorf-based German operation and provide securities processing, administration and custody services.
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 spokesperson said in a written statement.
GROUP STRATEGY AND WHAT FOLLOWS
The German wind-down is part of the broader simplification strategy HSBC has pursued under Group Chief Executive Georges Elhedery. In Germany, HSBC has now sold its private banking business, agreed to sell its custody and depositary business and is winding down its transaction services subsidiaries.