HSBC takes U-turn, drops plan for 2016 pay freeze in speedy backpedal
HSBC, Europe`s largest bank, has dropped plans to freeze pay this year, according to a memo by Chief Executive Stuart Gulliver seen by Reuters, reversing a cost-cutting decision made less than two weeks ago.
Feb 11, 2016, 17:31 PM ISTHSBC to freeze salaries, hiring in 2016 in battle to cut costs: Sources
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.
Jan 31, 2016, 21:55 PM IST