City Of London
HSBC CFO Says Bank May ‘Materially’ Raise Staff Pay in 2023
- Ewen Stevenson says bank is currently short of its cost target
- ‘Brutal’ cost control required to keep a lid on expenses
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HSBC Holdings Plc Chief Financial Officer Ewen Stevenson said rising inflation could force the bank to significantly raise salaries as it eyes “brutal” cuts in an attempt to keep a lid on costs.
“We are seeing pretty broad cost inflation,” Stevenson said at a financial services conference hosted by Barclays Plc in New York. “Half of our cost base is fixed pay. We are thinking that we will have to materially step that up again in ‘23 relative to ‘22.”