HSBC is implementing cost-cutting measures, including limiting hiring and reducing travel expenses for bankers. This move comes as outgoing CEO Noel Quinn aims to curb costs. The bank's actions are part of a broader trend among global investment banks, which are retreating from expansion in China and cutting jobs in the region. Additionally, China Construction Bank has cut salaries for headquarters staff by at least 10%, sources say, reflecting financial pressures within the industry. HSBC's cost-cutting measures were reported by Bloomberg and involve the ticker symbol $HSBA.
Bankers at China’s top investment bank are saying goodbye to fat paychecks and hello to Communist Party membership, in a shift away from its Wall Street-style playbook. Read The Big Take https://t.co/8vGJFMYm5w via @BW
Bankers at China’s top investment bank are saying goodbye to fat paychecks and hello to Communist Party membership, in a shift away from its Wall Street-style playbook. Read The Big Take https://t.co/YuBrabTT3d
The party's over for HSBC https://t.co/udO6BkoplP
HSBC issues holiday warning to customers who have over £1,000 in bank account https://t.co/Rqvp0wPoWa
HSBC Curbs Hiring, Reins In Banker Travel in Cost-Cutting Push https://t.co/Z8lee2hmOJ
HSBC announces limits on hiring and reductions in banker travel in efforts to save costs amidst cutbacks. #FinancialNews
💡 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
someone at HSBC calls an urgent meeting https://t.co/hnW5208PxP
⚠️ CHINA CONSTRUCTION BANK CUTS SALARIES FOR HEADQUARTERS STAFF BY AT LEAST 10%, SOURCES SAY
London investment bankers to rake in bigger bonuses after two-year slump https://t.co/5W8KPiKnAJ