HSBC will reportedly raise bonuses for some junior investment bankers and traders by up to two-fold in an effort to retain talent from competitors.
Plans are underway to increase bonuses for some junior investment bankers and traders at HSBC by as much as two-fold, according to a «Bloomberg» report citing unnamed sources.
Separately, senior executives are in line for a 2021 bonus hike of at least 10 percent.
Junior Pay Bump
Sharp upcoming bonus hike follows recently increased pay and changed promotion pathways for junior staff in an attempt to address concerns about burnouts and prevent losing staff not only to traditional competitors – Goldman Sachs registered a record-high single-year increase in spending per employee at 23 percent – but also fintech and crypto firms.
According to HSBC's third quarter results, total expenses for the first nine months of last year climbed 2 percent year-on-year, in part due to a rise in performance-related pay.
