HSBC launched investment bankers on the day of the rewards and did not give them any rewards

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HSBC has launched investment bankers on the day when they were to learn their reward numbers and did not give any rewards to many, in a sign of how the bank took a more cruel approach to the costs under the new CEO George Ilidri.

London -based lender told the employees of his investment banking business in the United Kingdom last month that they were losing their jobs, after he said in January that it would close the work of integration, consulting acquisitions and capital markets in the stock markets outside Asia and the Middle East.

These talks were held just as bankers expect to learn the amount they will get in rewards for work in the orthopedic year 2024. But bankers are at the president level and above HSBCThe people said that the investment banking unit, whose work was ended as part of the restructuring, did not receive any reward.

One of the people said, “It is very unlike HSBC,” adding that the bank had a “reputation to take care of its people.” The bank refused to comment.

Other investment banks sometimes pay bonuses for those whose positions end as part of restructuring programs, even if these rewards are smaller than usual.

ELHEDEY has been designed to achieve great cost savings in the bank since he took over in September. HSBC revealed last month a The goal of saving $ 300 million In 2025 and reduced $ 1.5 billion from the annual cost base by the end of next year.

Three people who have knowledge of the disease said, although he did not proceed with this step, one of them said that investment banking services were an important way to maintain high -level relationships with the main customers in the region.

The bank also reduced some investment banking functions in Hong Kong. Investment banking services are a relatively small part of HSBC business, with commercial and retail bank account account.

The banking decline in investment is part of a comprehensive reform that has been incited by the comprehensive, which also includes the merging of two of the three major units in HSBC, cutting a layer of expensive big bankers and separating operations into the sections of “Eastern Markets” and “Western Markets”, although they have them Since rename.

Some person said that some investment bankers who were preparing for job losses were expecting a large part of their rewards, given that it is related to work for the previous year.

HSBC is under pressure to reduce costs, as his support from high interest rates in recent years has been launched. Income of interest is about half of HSBC revenues, but net interest revenues decreased last year.

Last month, HSBC set a proposed payment package of up to 15.3 million pounds for Elhedary, which may rise to 19.8 million pounds if the bank’s share price jumps by 50 percent, a structure that gives Elhedary a strong incentive to increase its shares.

This would make him much higher than his predecessor Noel Quinn, who was the total salary salaries in 2023 – his last full year in the bank – at a value of 10.6 million pounds. This was almost doubled by what he received a year ago, and this is greatly attributed to the development of a long -term incentive plan.