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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%
Published Mon, Feb 1, 2016 · 09:50 PM
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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 Sunday said in an e-mail statement. The moves were reported earlier by Reuters.
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