As many of you know, some way of personal experience, word of reduced bonuses or salary freezes or anything affecting one's take-home on Wall Street are generally not received positively; typically, they result in a lot of threats to tell management where it can go, giving one's superior a dressing down, and so on and so forth. Also typically, these acts of defiance don't change anything vis-à-vis the number of zeros on the check. Except recently at HSBC, they actually did!
HSBC Holdings Plc Chief Executive Officer Stuart Gulliver canceled 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 these cost savings are to be achieved,” Gulliver said in a memo sent to staff on Thursday, which was confirmed by an HSBC spokeswoman. “We will proceed with the pay rises as originally proposed by managers as part of the 2015 pay review, noting that, consistent with prior years, not all staff will receive a pay rise.”