KUALA LUMPUR – A sizable number of HSBC employees in Malaysia have been told they will be transferred to Accenture, the global professional services and technology company, as the banking group moves to reshape parts of its local operations, Scoop understands.
The development was communicated to staff during a town hall meeting this week, with management assuring employees that “they will all have a place” under the new arrangement.
Scoop understands that discussions on salaries and remuneration packages are already under way, although the number of employees affected by the proposed transfer remains unclear.
HSBC has about 6,000 employees in Malaysia, with a significant portion working in backend operations and shared services, including through HSBC Electronic Data Processing (Malaysia) Sdn Bhd (HDPM).
‘Proposed transfer’
The proposed transfer has left some employees uncertain about their future, particularly those who have spent many years with HSBC.
One employee, speaking on condition of anonymity, described the announcement as “surprising”.
“We had heard whispers about retrenchments earlier this year, but no one expected a wholesale transfer. For many of us who have been with HSBC for many years, it’s hard to imagine starting over in unfamiliar territory.”
Another employee said the issue went beyond continued employment, pointing to the attachment workers had developed to the bank over the years.
“It’s not just about having a job. It’s about identity, loyalty, and the years we’ve invested here. Moving to Accenture might secure employment, but it doesn’t erase the sense of loss.”
It remains unclear whether affected employees will have the option of declining the transfer and remaining with HSBC, or whether they will be required to move to Accenture.
The terms of the proposed transition, including salaries, benefits and other employment conditions, are expected to become clearer as discussions continue.
HSBC and Accenture had yet to issue a media statement on the matter at the time of publication.
Cost-cutting exercise?
A staff member familiar with the matter indicated that the move could be viewed as a cost-cutting exercise rather than a response to financial difficulties at HSBC.
“This exercise is a cost cutting measure not that HSBC is struggling financially which means it’s more like saving more money than staying afloat,” the staffer indicated.
Globally, HSBC Holdings plc reported net income of US$24.88 billion (RM101.26 billion) for the 12 months ended June 30, 2026.
The group also launched a US$1 billion (RM4.07 billion) share buyback programme alongside its first-half results and maintained its interim dividend at US$0.10 (RM0.41) per share.
Possible regional implications
The reported Malaysian transition comes amid changes to HSBC’s workforce and operating model across Asia-Pacific.
Scoop understands that similar workforce transitions involving outsourced or externally managed functions are also being considered in other markets, including Singapore, India, Australia, Indonesia, Vietnam, Thailand and the Philippines.
HSBC operates service centres and other support functions across the region, meaning changes to non-client-facing work could affect employees in multiple markets.
Bloomberg reported in March that HSBC was considering up to 20,000 job cuts globally over several years as part of an AI-driven overhaul, with non-client-facing roles in service centres among those expected to be affected.
The report said the plans were still at an early stage, and the potential reduction could involve a combination of automation, consolidation, outsourcing and other changes rather than retrenchments alone.
HSBC cuts Hong Kong staff perks
Meanwhile, HSBC is reducing several staff benefits in Hong Kong.
Earlier this week, Bloomberg reported that the bank is ending a subsidy covering half the cost of joining certain Hong Kong members’ clubs for mid-level bankers after Dec 31. The benefit was worth as much as HK$200,000 (about US$25,500 or RM103,973).
The bank is also changing education benefits and insurance coverage.
A long-standing education benefit covering as much as 95% of school fees for children of certain senior employees and new hires has been scrapped, while new employees joining HSBC Hong Kong and Hang Seng Bank from 2027 will receive a different level of life assurance coverage from existing staff.
HSBC said the changes are part of efforts to align benefits between the two banks while continuing to offer competitive remuneration packages. – September 26, 2026