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Hang Seng Bank Ltd Delays yearly salary review
January 19, 2009, Monday
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Print Edition
Print Edition
HANG Seng Bank Ltd, a unit of HSBC Holdings Plc, delayed its annual compensation review until April amid the global financial crisis and economic slowdown, effectively freezing pay for 8,300 workers in Hong Kong.
"After considering the economic situation, the business environment and the market trend of salary review, there's no salary adjustment in January," bank spokeswoman Queenie Yip said in an e-mailed statement on Saturday. "Our bank will monitor market condition and review salary in April."
The largest financial institutions globally have cut more than 252,000 jobs and froze compensation after more than US$1 trillion of writedowns and credit losses eroded earnings and forced them to cut costs, according to data compiled by Bloomberg News.
Should Hang Seng's board decide to award a pay-raise in April, the increase will take effect that month, Yip added.
"After considering the economic situation, the business environment and the market trend of salary review, there's no salary adjustment in January," bank spokeswoman Queenie Yip said in an e-mailed statement on Saturday. "Our bank will monitor market condition and review salary in April."
The largest financial institutions globally have cut more than 252,000 jobs and froze compensation after more than US$1 trillion of writedowns and credit losses eroded earnings and forced them to cut costs, according to data compiled by Bloomberg News.
Should Hang Seng's board decide to award a pay-raise in April, the increase will take effect that month, Yip added.
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