China Construction Bank has reduced salaries for headquarters staff by at least 10%, while global investment banks are pulling back from expansion in China, leading to job cuts. HSBC is slowing down hiring and tightening expenses under CEO Noel Quinn's cost-cutting initiative.
💡 HSBC ( $HSBA ) is reportedly curbing hiring and is asking bankers to rein in expenses as part of a cost cutting drive, via Bloomberg citing sources - @newsquawk on https://t.co/orvmA6Wqwk Full Story → https://t.co/sAIM7O3qq0
HSBC is slowing down hiring and asking investment bankers to rein in their travel and entertainment expenses as outgoing CEO Noel Quinn looks to curb costs https://t.co/mTBhAc7A8D
Global investment banks cut jobs in China retreat https://t.co/FD0YmG4P3e
Global investment banks retreat from China expansion https://t.co/5m84TnKtgY
⚠️ CHINA CONSTRUCTION BANK CUTS SALARIES FOR HEADQUARTERS STAFF BY AT LEAST 10%, SOURCES SAY