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HSBC to freeze pay, hiring in 2016 amid US$5b cost cuts

Under its 3-year plan, the lender plans to reduce its full-time employees by about 10%

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The bank is seeking a buyer for its Turkey business. It is also reviewing its operations in Lebanon and closing its Indian private-banking business.

Hong Kong

HSBC Holdings Plc will impose a hiring and pay freeze this year as part of its drive to cut as much as US$5 billion in costs by the end of 2017.

The actions were outlined in a memorandum received by employees on Friday, Gillian James, a spokeswoman for the bank, said on