HSBC and Hang Seng Bank plan to freeze senior executive salaries amid economic concerns, while considering modest increases for other staff levels to address inflation. This decision reflects a broader trend among global banks facing financial pressures, with job cuts and salary reductions in Asia’s banking sector due to a significant downturn in investments and deal-making activities. UBS and Société Générale are among those reducing their workforce, highlighting the challenging environment. Despite this, some companies like Bright Smart Securities & Commodities are rewarding employees with substantial year-end bonuses, and ZA Bank is offering digital lucky money, showcasing varied responses to the current economic landscape within the financial industry. HSBC and Hang Seng are undergoing a pay budget review, with their final decisions yet to be confirmed.
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