HSBC Signals It May Have to Hike Pay in Asia in Banking Talent War
- Expenses rose by $200 million in part due to performance pay
- CEO Quinn says each bank must decide its own pay policies
HSBC Holdings Plc Bank in Hong Kong.
Photographer: Chan Long Hei/BloombergThis article is for subscribers only.
HSBC Holdings Plc may increase the size of its bonus pool as the bank attempts to build out its wealth business in Asia while a surge in trading causes some rivals to push investment banker pay higher.
“We may need to top up our current pool assumptions as the year progresses,” Chief Financial Officer Ewen Stevenson said in a call with analysts Tuesday. “If we are seeing competitive pressure in areas like Asian wealth and investment banking more broadly, we have to be in a position to respond.”