HSBC Plans to Freeze Salaries, Hiring in 2016
The London-based bank sent an email to employees Friday regarding the decision, according Reuters.
An email informing employees of the decision was sent Friday, according to the story. The London-based bank is looking to reach annual cost savings of $5 billion by 2017.
The news on HSBC comes after fellow London-based firm Tullett Prebon announced it was planning on cutting 7.5 percent of front office jobs, 2.5 percent higher than originally anticipated, despite higher revenues.
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