Advertisement
UK markets open in 4 hours 32 minutes

  • NIKKEI 225

    38,308.04
    +755.88 (+2.01%)
     

  • HANG SENG

    17,048.37
    +219.44 (+1.30%)
     

  • CRUDE OIL

    83.36
    0.00 (0.00%)
     

  • GOLD FUTURES

    2,332.90
    -9.20 (-0.39%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • Bitcoin GBP

    53,460.80
    -201.69 (-0.38%)
     

  • CMC Crypto 200

    1,435.46
    +20.70 (+1.46%)
     

  • NASDAQ Composite

    15,696.64
    +245.33 (+1.59%)
     

  • UK FTSE All Share

    4,378.75
    +16.15 (+0.37%)
     
Money:

What is the true cost of the UK state pension?

To get a sense of the true value of the state pension, you can look at how much you would need to save to match it yourself

HSBC effectively scraps pay rise for managers at UK retail bank -source

Reuters - UK Focus

LONDON, Feb 17 (Reuters) - Most managers at HSBC's UK retail and wealth unit will not be getting a pay rise this year, a source familiar with the matter said on Wednesday, in what marks the bank's third change to pay policy in as many weeks.

The lender plans to largely base the managers' pay rises on performance standards but about 80 percent of staff will not be able to meet those standards, the source said, so it is effectively reinstating a pay freeze announced in January.

The latest change was first reported by the Financial Times on Wednesday.

Chief Executive Stuart Gulliver sent a memo to staff on Feb. 11, saying the bank had dropped the plans to freeze pay after receiving staff feedback on the plan and the way it was communicated.

ADVERTISEMENT

Gulliver said at the time that Europe's biggest bank would find another way to achieve significant cost reduction targets for the end of 2017.

"HSBC makes pay awards around the world based on performance and merit, taking into account any local considerations," a bank spokesman said in an emailed statement on Wednesday.

Worries about global growth have heaped pressure on the banking sector in recent months, forcing many big lenders to make sweeping cost cuts.

Swiss bank UBS (NYSEArca: FBGX - news) is imposing a pay freeze across its investment banking arm, two sources familiar with the matter told Reuters this month, while Deutsche Bank (Other OTC: DBAGF - news) said in January it had scrapped board bonuses this year after posting a record loss for 2015. (Reporting by Richa Naidu and Jane Merriman; Editing by Susan Fenton)