“It is important to note that as part of our migration process, no retrenchments will be carried out as part of this exercise.

“Impacted employees who decide not to apply for the voluntary separation scheme will be provided with alternative employment options,” the bank said in a statement.

It added that the strategy behind the “migration and shifting of services” was decided on by HSBC’s senior management.

Earlier today, the National Union of Bank Employees (NUBE) said the exercise could see some 200 Malaysian workers laid off.

However, HSBC defended the exercise, saying business and function lines constantly re-evaluate their needs to ensure they have “the right roles in the right locations to deliver for our customers and stakeholders”.

“This decision was not taken lightly and was carefully considered at a senior level.”

It said many of the roles were being shifted to Global Service Centre Malaysia (GSCM), one of the country’s largest financial shared services centres.

It also stressed its commitment to Malaysia, citing its US$250 million investment to construct new Malaysian headquarters at TRX City.

“This underscores our commitment to developing our business in Malaysia,” it said.

NUBE secretary-general J Solomon had earlier questioned if the move to displace local staff was reflective of HSBC’s commitment in Malaysia, including the sum allocated for its new headquarters.