Advertisement
HSBC set to sharply increase pay for some junior bankers as competition for talent heats up
- Some junior staff could see their 2021 bonuses double
- Battle for talent is intensifying as HSBC tries to keep up with Wall Street rivals
Reading Time:2 minutes
Why you can trust SCMP
Some junior staff in HSBC’s investment banking and trading division could see their bonuses jump sharply – as much as double – for the 2021 financial year as the lender seeks to retain talent in an increasingly competitive market, according to a person familiar with the matter.
Senior bankers also could see bonus increases of at least 10 per cent as Hong Kong’s biggest currency-issuing bank tries to keep up with Wall Street rivals, the person said.
HSBC declined to comment on the bonus payments.
Advertisement
The increases come a year after HSBC reduced bonuses for its junior staff globally by 22.5 per cent as it sought to navigate a difficult operating environment marked by the economic fallout of the coronavirus pandemic and historically low interest rates.
04:41
HSBC doubles down on Asia in massive staffing overhaul
HSBC doubles down on Asia in massive staffing overhaul
Overall, the bank cut its bonus pool by 20 per cent to US$2.7 billion for the 2020 financial year.
Advertisement
Bloomberg reported the 2021 bonus plans earlier on Monday.
Advertisement
Select Voice
Select Speed
1.00x