LONDON (Alliance News) - Hundreds of workers in the investment banking arm of HSBC Holdings PLC have had their pay cut by 10% and have been ordered to take two weeks of unpaid leave by the end of the year, The Times reported.
The bank, currently under pressure to cut costs, told staff about the changes last week and is understood to have told managers that there would be no exceptions to the cuts, The Times said.
The move is understood to effect financial analysts and others in core parts of the investment bank, as well as IT workers.
http://www.thetimes.co.uk/tto/business/industries/banking/article4586160.ece
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
Copyright 2015 Alliance News Limited. All Rights Reserved.