HSBC forces 10% pay cut and 2 weeks unpaid leave upon staff

Staff in HSBC’s investment banking division have been told they must take a ten per cent pay cut and take a fortnight’s unpaid leave by the end of the year, according to The Times.  

Those affected work in the banks London office.

Employees were informed of the news last week, and managers have been notified that there are “zero per cent exceptions.”

The scheme has been enforced upon all contract workers in the global banking and markets division, some of whom have worked full time for years and are on PAYE contracts.