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Global banks in Asia cut jobs, slash salaries as deal drought continues

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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