HSBC Malta chief executive Andrew Beane was reluctant to comment on reports on Tuesday that the banking giant will be shedding as many as 35,000 jobs worldwide. 

The bank’s global arm said earlier that plans to cut €4 billion worth of costs would lead to cuts of about 15 per cent of the group’s global workforce.  

It is being reported as the largest ever restructure undertaken by the bank.  

Asked whether any job cuts were planned for Malta, Mr Beane said he would not comment on HSBC’s global strategic plans. 

“What I can talk about are our plans for the bank here in Malta.  And actually, in October of last year we set out very clearly what the plans for the bank are for the medium term,” he said.   

In October 2019, HSBC had announced it would close eight branches in Malta by the end of the year. Mr Beane had said the branch closures reflected bank customers' increasingly digital lifestyles, describing the decision as a "future-focussed change".

The following month, it announced it would shed 180 jobs as part of a voluntary redundancy scheme. On Tuesday, Mr Beane said the results of the scheme had been “positive”.  

Asked whether there would be more branch closures in the pipeline, Mr Beane said the plan was to have a network of 16 branches across the country including a new, larger, "national" branch in Qormi.

There are currently 17 HSBC branches in the country following the closure announcements. 

On Tuesday morning, HSBC Malta reported a pre-tax profit of €30.7m for 2019, a decrease of 20 per cent (€7.8m) over the previous year owing to the impact of a “one-off restructuring provision”.

“The investment in restructuring will deliver sustainable cost savings going forward,” the bank said in a statement.