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HSBC freezes staff pay and hiring

3fdsfHSBC is imposing a hiring and pay freeze across the bank globally in 2016, according to news reports. The lender had sent emails to staff detailing the latest cost-saving measures. In June, the bank has announced its plans 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. In October, the bank had trimmed 10% the pay of its contractors at its investment banking division in London. The bank plans annual cost savings of up to $5 billion by 2017 in an effort to boost profitability and returns to shareholders.

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