HSBC Cuts Pay 10% for Hundreds of Investment Bank Contractors
- Pay cuts don't affect full-time London employees of the bank
- Those affected include IT workers and some financial analysts
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HSBC Holdings Plc will cut the pay of hundreds of part-time contractors at its investment-banking arm in London by 10 percent and ask them take two weeks of unpaid leave, according to a person with knowledge of the decision.
Contract workers in the global banking and markets division will have their pay cut this month with no exceptions, said the person, who asked not to be identified because decisions are private. While information technology staff and some financial analysts at the division may be affected, it won’t be extended to full-time staff, the person said.