LONDON (Alliance News) - HSBC Holdings PLC will impose a hiring and pay freeze globally in 2016 as part of its drive to cut as much as USD5 billion in costs by the end of 2017, according to reports.
The actions were outlined in a memorandum received by employees on Friday, the reports said.
Akin to other global banks, HSBC is in the midst of a cost-cutting drive to boost its profitability and returns to shareholders. The group is also due soon to make a decision on whether it will move its headquarters out of London to Asia.
Copyright RTT News/dpa-AFX
HSBC Holdings (HSBA)