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HSBC to cut year-end bonuses for junior staff by 22.5 per cent as coronavirus pandemic weighs on performance

HSBC plans to reduce bonuses for its junior staff globally by 22.5 per cent for 2020 as it navigates a difficult operating environment marked by the economic fallout of the coronavirus pandemic and historically low interest rates.The largest of Hong Kong’s three currency-issuing lenders, HSBC will cut bonuses for its frontline and back office staff who are part of its streamlined variable pay programme in grades 6 to 8, according to an internal memorandum seen by the Post. “The challenging…

Read the original article at South China Morning Post

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