SKY NEWS: Banking giant HSBC is doubling the basic pay of hundreds of its senior investment bankers, Sky News can reveal.
Sky's City editor Mark Kleinman reports that the bank began informing staff in London, Hong Kong and New York about the pay rises last week.
A source close to the bank said some senior managers outside the global banking and markets (GBM) division were also being handed the pay increases.
HSBC's move comes ahead of the annual bank bonus round in the New Year.
"As UK politicians intensify warnings about the payment of mega-bonuses, HSBC may legitimately be able to point to a sharply reduced bonus pot by virtue of the fact that it will have only recently awarded large salary increases," noted Kleinman. Read on and comment >>> Hazel Baker, Sky News Online | Tuesday, November 16, 2010
