Halister News

(Bloomberg) -- HSBC’s most senior investment bankers have been hit the hardest by a decision to reverse a global salary freeze last week, CEO Stuart Gulliver says in interview Monday.

• “What we actually did was effectively cutting the same amount of costs, but we are basically taking it out of variable compensation rather than taking it out of fixed pay”
• “What we very quickly realized was that if we take it out of fixed pay, it impacts the more junior or the younger members of our staff” so “knocking it out of the pay pool hits the more senior people”
  • “We are hitting the people who arguably can afford it”
• HSBC remains committed to cutting $5 billion in costs by the end of 2017, Gulliver says
• NOTE: HSBC ends pay freeze after staff revolt
• NOTE: HSBC Keeps London Base in Victory Over Asia