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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 shrink asset base by $290 billion; sell units in Brazil, Turkey

HSBC also set its new target for return on equity at greater than 10 percent by 2017, down from its previous target of 12-15 percent by 2016.

'HSBC set to cut thousands of jobs globally'

HSBC Holdings Plc is planning to cut thousands of jobs globally and is set to make an announcement next week, Sky News reported on Monday, citing unidentified sources.

Black money: HSBC bosses say sorry for 'unacceptable' practices

HSBC bosses on Wednesday apologised for "unacceptable" failings at the banking giant's Swiss division when they were grilled by British MPs over allegations it had helped rich clients dodge taxes.

HSBC bank says annual net profit jumps to $16.2 billion

Banking giant HSBC announced on Monday a 15.5-percent rise in annual net profit to USD 16.2 billion (11.8 billion euros).

HSBC to slash down another 14000 jobs

HSBC is determined to slash 14000 jobs despite earning huge profits and plans for a cost-cutting worth 2 billion pounds over the next three months.

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.

HSBC logs annualised cost savings of $2 billion

Asia-focussed bank HSBC Thursday said it has achieved annualised cost savings of USD 2 billion, by taking a slew of measures, including selling some of its businesses, as part of a major cost-cutting drive.