Weekly Global News Wrap: Britain, EU must settle financial market access; HSBC to slash 255 jobs in France

And embattled payments firm Wirecard attracts potential buyers.

From Reuters

Britain and the European Union need to make progress on EU financial market access given that the pandemic will make it even harder to cope with potential disruption if there is no agreement, the Association for Financial Markets in Europe (AFME) said.

London and Brussels have pointed fingers at each other for missing a 30 June deadline for assessments on financial market access from January. Future direct EU access will depend on whether Brussels deems UK regulation to be “equivalent” to standards in the bloc.

AFME said ensuring that EU investors can continue using clearing houses in London needed addressing before the end of September to avoid customers having to move derivatives positions elsewhere.

From Reuters

HSBC France seeks to cut 255 of 678 jobs in its French global banking and markets unit by end-2021 as part of a broader plan to reduce costs, a union said on its website.

The bank has resumed plans to cut around 35,000 jobs globally which were put on hold after the coronavirus outbreak, as the bank grapples with the impact on its already falling profits.

HSBC’s FO union said on its website that the departures will take place on a voluntary basis, but if there were not enough volunteers, there would be “layoffs for economic reasons”.

From Reuters

Wirecard administrator Michael Jaffe said on 7 July that more than 100 investors have expressed interest in buying the collapsed German payments firm’s core business and holdings.

The potential sale of Wirecard North America’s assets was most advanced, Jaffe added, with investment bank Moelis & Company already mandated to conduct a sale.

Sale processes are also being initiated for other international holdings as well as Wirecard’s core business, he said, adding that most of its customers were being constructive and showing an interest in a speedy sale process.

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