HSBC ef­fec­tively scraps pay rise for man­agers at UK retail bank

The Pak Banker - - COMPANIES/BOSS -

Most man­agers at HSBC's UK retail and wealth unit will not be get­ting a pay rise this year, a source fa­mil­iar with the mat­ter said on late Wed­nes­day, in what marks the bank's third change to pay pol­icy in as many weeks.

The len­der plans to largely base the man­agers' pay rises on per­for­mance stan­dards but about 80 per­cent of staff will not be able to meet those stan­dards, the source said, so it is ef­fec­tively re­in­stat­ing a pay freeze an­nounced in Jan­uary.

The lat­est change was first re­ported by the Fi­nan­cial Times on Wed­nes­day. Chief Ex­ec­u­tive Stu­art Gul­liver sent a memo to staff on Feb. 11, say­ing the bank had dropped the plans to freeze pay af­ter re­ceiv­ing staff feed­back on the plan and the way it was com­mu­ni­cated.

Gul­liver said at the time that Europe's big­gest bank would find an­other way to achieve sig­nif­i­cant cost re­duc­tion tar­gets for the end of 2017. "HSBC makes pay awards around the world based on per­for­mance and merit, tak­ing into ac­count any lo­cal con­sid­er­a­tions," a bank spokesman said in an emailed state­ment on Wed­nes­day.

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