HSBC Holdings is preparing to phase out its transaction services operation in Germany, a move that will result in the elimination of more than 300 positions over the next few years, according to a company spokesperson.

The affected unit, which handles securities processing, administrative management, and asset custody, will see its workforce reduced as part of a broader efficiency drive within the group, the spokesperson confirmed to media.

During the transition, HSBC said it will ensure an orderly handover of services, aiming to keep any disruption for clients to a minimum.

The job cuts will impact roughly 300 remaining roles at HSBC Transaction Services GmbH and an additional 20 positions at HSBC Service Company Germany GmbH.

This latest restructuring follows the sale of HSBC's German private banking business to BNP Paribas, which was completed last year.

A spokesperson explained that the group intends to channel resources into core divisions where it holds a stronger competitive edge, sees greater growth potential, and can serve customers more effectively, with the goal of reinforcing its market standing and expanding its share.