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Hsbc To Freeze Salaries And Hiring In 2016 To Cut Costs

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http://www.theguardian.com/business/2016/jan/31/hsbc-freeze-salaries-hiring-cut-costs

Europe’s largest lender, HSBC, is imposing a hiring and pay freeze across the bank globally in 2016, two sources told Reuters.

An email was sent to staff on Friday detailing the latest cost-saving measures, according to the sources who spoke on condition of anonymity.

Like numerous other global banks, HSBC is in the midst of a cost-cutting drive to boost profitability and returns to shareholders, and is pushing through with plans for annual cost savings of up to $5bn (£3.5bn) by 2017.

Europe’s biggest bank said in June that it planned to slash nearly one in five jobs and shrink its investment bank by a third in response to sluggish economic growth and tighter global regulation of bank balance sheet risk.

“As flagged in our investor update we have targeted significant cost reductions by the end of 2017,” a spokeswoman for HSBC told Reuters, confirming the content of the staff email.

In October, contractors at its investment banking division in London had their pay cut by 10% in line with the bank’s efforts to rein in costs, a source familiar with the matter told Reuters at the time.

Looks like the global economy is recovering well.

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Rubbish will they stop hiring. They'll just use a different 'pot' and claim it is a success at end of year.

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Nah, HSBC are just 10 years down in meeting the challenges that all retail banks face.

The UK banks propped up junk are barely two steps down that road.

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