LONDON (Alliance News) - Most managers at HSBC UK will have to do without a salary increase this year, The Financial Times reported Wednesday.
According to the report, most managers in the UK retail and wealth management division have been told they won't receive a pay increase, despite a deal between the bank and its employees last year.
Pay increases will be given to a small number of managers who are among the top performing and paid a lower salary than the market rate, the report said.
The move comes just days after the bank dropped plans to freeze pay for a year for employees around the world, following staff feedback.
http://www.ft.com/cms/s/0/38856d7c-d58c-11e5-829b-8564e7528e54.html#axzz40UzyQTeD
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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HSBC Holdings (HSBA)