Europe’s biggest bank is imposing a global hiring and pay freeze in 2016
Anjuli Davies and Carolyn Cohn, Reuters
BusinessInsider.com
Jan. 31, 2016
LONDON (Reuters) – Europe’s largest lender, HSBC, is imposing a hiring and pay freeze across the bank globally in 2016, Europe’s biggest bank is imposing a global hiring and pay freeze in 2016two sources familiar with the matter 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 $5 billion 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.
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