A HSBC spokesman said this transformation would involve changes to HSBC’s technology, branch footprint and the roles of some of its employees.

“It will also involve creating more than 200 new roles to adapt to the evolving banking landscape and redeploying our people into these new roles,” he said in a statement.

The spokesman also said HSBC was offering certain segments of its workforce a voluntary separation scheme (VSS) if redeployment was not possible.

“We would like to reiterate that the scheme is voluntary and will only be applied to employees who choose to accept it.”

He said those who accepted the VSS would be provided with transitional support which included “an above-market compensation package and reskilling programmes.”

He added that HSBC was grateful to its employees and would continue to serve its customers as well as invest in its people, network and businesses.

Yesterday, the National Union of Bank Employees criticised HSBC for downsizing under “grossly unfair terms” during the Covid-19 pandemic.

Its general secretary J Solomon said the bank made the announcement to carry out another VSS and a mutual separation scheme (MSS) for the third time in six years.

Solomon had said the VSS and MSS were a “form of subtle lay-off” that affected some 600 workers from the lower-income and middle-income groups.