Finance
HSBC Curbs Hiring, Reins In Banker Travel in Cost-Cutting Push
- Bankers told to try to plan three meetings a day on work trips
- Lenders are preparing for central banks to begin cutting rates
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HSBC Holdings Plc is slowing down hiring and asking investment bankers to rein in their travel and entertainment expenses as outgoing Chief Executive Officer Noel Quinn looks to curb costs at Europe’s largest lender.
The bank in some cases is not replacing staff who have left or resigned in recent months, according to people familiar with the matter. Some businesses have been told to pause hiring altogether, though the freeze isn’t meant to impact client-facing roles, according to one of the people, who asked not to be named discussing personnel information.