Compensation Watch '16: HSBC Puts Salaries On Ice

There will be (no) raises.

Those money laundering fines don't pay for themselves!

Europe's largest lender, HSBC, is imposing a hiring and pay freeze across the bank globally in 2016, two sources familiar with the matter told Reuters. An email was sent to staff on Friday detailing the latest cost-saving measures, according to the sources who spoke on condition of anonymity. 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.

HSBC to freeze salaries, hiring in 2016 in battle to cut costs - sources [Reuters]