BLOODY DEAD END

HSBC halts exec promotions in austerity move

Becoming a Master of the Universe just a got a whole lot harder for the rank and file at HSBC.

The troubled UK bank giant has instituted an unofficial “promotion freeze” through 2017 as it tries to rein in costs, The Post has learned.

The policy — which effectively stalls career development for investment bankers — puts the kibosh on promotions for those at the vice president and senior vice president level, according to a person briefed on the company’s plans.

This means the bank won’t be crowning a new class of managing directors, the most elite rank.

The promotion to an SVP or MD comes with a hefty paycheck. SVPs make a base salary of about $200,000 to $250,000 a year before bonuses, one insider said. Managing directors typically earn between $300,000 to $400,000, but can make more.

On Monday, the bank notified employees in an email that it was instituting a pay and hiring freeze as part of a plan to save $5 billion during the next two years.

But the letter didn’t mention any thing about the promotion freeze — an omission that is sure to rile employees.

Several who learned of the move said they are looking to jump ship and are wondering how much longer the investment bank will be around.

Although HSBC could change its mind and promote some people over the next two years, it is focused on costcutting.

“As we called out in our Investor Update in June 2015, we have targeted significant cost reductions by the end of 2017,” HSBC spokesman Robert Sherman told The Post

HSBC has been in a state of flux for more than a year as it works to slim down its sprawling global operations.

The firm is shrinking its investment bank by about a third and is also considering relocating its headquarters to Hong Kong to cut its tax bill, among other moves.

HSBC’s hiring freeze is another sign that working on Wall Street isn’t what it used to be. Firms have been cutting investment bank jobs and hiring lowerpaid workers in areas like compliance — thus eroding bonuses and pay across the board.