HSBC is gradually winding down its transaction services business in Germany, with more than 300 positions set to be eliminated by the end of 2028. The cuts include approximately 300 roles at HSBC Transaction Services GmbH and 20 at HSBC Service Company Germany GmbH, and will be carried out in what the bank described as a socially responsible process. The business provides securities processing, administrative management and custody services. HSBC said German clients will not be affected for the time being. The move follows a restructuring plan launched in October 2024 and comes after HSBC Germany sold its private banking business to BNP Paribas last year and agreed to carve out its custody and deposit businesses and dispose of International Investment Company, or INKA. HSBC said it is concentrating on areas where it has competitive advantages, stronger growth opportunities and the ability to support clients. The bank has not disclosed the costs or financial impact of the reductions.