HSBC UK to slash bonuses for staff not turning up to office
HSBC has told its UK-based retail workers that failing to show up to the office could see their bonuses slashed.
Europe’s biggest bank informed staff in the retail and domestic commercial arm that if they are not following the firm’s three-day minimum requirement to work in office they could be paid less as a result.
HSBC UK declined to comment.
The lender’s tying of bonuses to work-in-office mandate, as reported by Bloomberg, follows FTSE 100 rival Lloyds.
Lloyds said in January office attendance would be taken into consideration when deciding staff bonuses, but the policy only applied to a limited number of senior staff.
HSBC is set to relocate its London headquarters as early as next year, in a move that will have the bank swap out Canary Wharf for the Square Mile.
The banking juggernaut faced bonus tribulations in February after City AM revealed the firm was set to axe a fleet of investment bankers, whilst rewarding others with bonuses.
HSBC has pivoted on European activity
The banking giant’s recent activity in Europe has raised questions over its future in the region.
Last week, the firm announced it would be chopping 348 positions in France, which represent approximately 10 per cent of its work force in the country.
This follows Georges Elhedery’s overhaul of the group’s global structure since taking the helm last year.
Elhedery set out plans last year to merge the global commercial and investment banking arms, which is expected to include job cuts among senior bankers.
William Howlett, financials analyst at Quilter Cheviot, told City AM: “We would see the news that HSBC is cutting workforce in France as a continuation of the bank’s strategic pivot to Asia which has been intensifying over the past decade.”
HSBC cancelled its 2025 UK Corporate and Investor Conference earlier this month, which was a central event in the bank’s calendar uniting UK business leaders, analysts and investors.
But the firm has reiterated its activity in Europe and pledged to “support its international clients and to position Europe as an essential part of its strategy”.