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HSBC takes U-turn, drops plan for 2016 pay freeze in speedy backpedal

HSBC takes U-turn, drops plan for 2016 pay freeze in speedy backpedal

HSBC, Europe`s largest bank, has dropped plans to freeze pay this year, according to a memo by Chief Executive Stuart Gulliver seen by Reuters, reversing a cost-cutting decision made less than two weeks ago.

HSBC to freeze salaries, hiring in 2016 in battle to cut costs: Sources

HSBC to freeze salaries, hiring in 2016 in battle to cut costs: Sources

Like numerous other global banks, HSBC is in the midst of a cost-cutting drive to boost profitability and returns to shareholders, and is pushing through with plans for annual cost savings of up to $5 billion by 2017. 

HSBC boss earned 500 times more than bank’s lowest paid worker in 2012

The boss of HSBC, Stuart Gulliver, earned over 500 times more than the bank’s lowest paid workers last year. The bank revealed that Gulliver received a hefty 7.4 million pounds in pay and perks in 2012.