HSBC France To Cut Jobs 38%, EU Predicts French Economy To Plunge 10.6%

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Nancy Heslin   Forbes Monaco

HSBC France To Cut Jobs 38%, EU Predicts French Economy To Plunge 10.6%

European Commission vice president Valdis Dombrovskis. Photo: European Parliament

HSBC France has just announced that it would cut 38% of global banking and markets jobs in France by the end of 2021.

This means 255 of 678 jobs will be axed on a voluntary basis but, according to the HSBC’s FO union website, there would be “layoffs for economic reasons” if there were not enough volunteers.

This comes as the European Commission released a statement this morning forecasting the eurozone economy to plummet 8.7% in 2020 as Covid-19 continues to shock the continent.

“The economic impact of the lockdown is more severe than we initially expected,” commented Commission vice president Valdis Dombrovskis, adding that the eurozone economy should bounce back by 6.1% in 2021.

France, the eurozone’s second-largest economy, is expected to nose-dive 10.6% with a 7.6% rebound next year.

The report also predicts updated 2020 contraction and 2021 growth rates for Germany (6.3% vs 5.3%), Spain (10.9% vs 7.1%) and Italy (11.2% vs 6.1%).

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Nancy Heslin   Forbes Monaco

Nancy Heslin is an established journalist and lifestyle writer. She has been the Editor-in-Chief of Forbes Monaco magazine (bimonthly in English) , since the magazine's 2nd issue . Launched in November 2018, Forbes Monaco is part of the Forbes family, with its 7 million readers and 71 million monthly website visitors worldwide.