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HSBC drops plan for global 2016 wage freeze in speedy backpedal

Employee backlash forces CEO to reverse decision on pay rises but hiring freeze remains in place

Mr Gulliver last month imposed a freeze on hiring and compensation as part of a drive to cut costs.


HSBC Holdings plc chief executive officer Stuart Gulliver cancelled a global pay freeze after less than two weeks following an employee backlash, according to two people with knowledge of the matter.

"We have listened to feedback and as a result decided to change the way...