HSBC - HSBC Slows Hiring Cuts Costs As Europe's Largest Bank Prepares For New CEO | Benzinga
HSBC Holdings Plc (NYSE:HSBC) looks to cut costs wherever possible.
Europe's largest bank is pulling back on hiring and advising investment bankers to limit travel and entertainment expenses.
HSBC is not replacing all recently departed staff. Instead, certain departments have been instructed to pause hiring altogether, though client-facing positions remain unaffected, reported Bloomberg.
Investment bankers are required to schedule at least three client meetings per day during business trips to optimize travel.
Employees were reminded of these expectations during a recent company town hall. HSBC emphasized in a statement that it’s working to ...