The bank plans to redirect its commercial strategy and outsource certain tasks to other entities within the HSBC group.

“We are reshaping our private banking business in Luxembourg.  Luxembourg remains an important business for the private bank, where we will continue to offer the same breadth of products and services as we do today and to focus on managing the wealth of our clients,” HSBC communications chief Mylène Ribouleau told Paperjam on Monday.

Trade unions and staff delegations have negotiated a social plan including measures to support employees with a view to professional reclassification, and financial compensation.

They said they regretted that “workers are once again paying the price for the frantic race for the benefit of companies,” but at the same time adding that the negotiations went well with the employer, “who has assumed its social responsibility,” a statement from the unions said.