No end in sight.
'There is no fantastical new strategy out there', one person familiar with the bank’s planning told the newspaper. 'But there’s still huge potential to be more efficient'.
Stuart Gulliver, HSBC’s CEO, said when he announced annual results last week that he would 'fixate on costs' over the coming year and promised to find a further $1bn of annual savings in 2013.
According to the newspaper, up to 5,000 jobs could be axed to achieve the $1bn cost-saving target.
On a more positive note, the wholesale banking arm of Mitsubishi UFG is looking to hire 100 further investment bankers outside of Japan this year, expanding its overall staff levels to 1,100.
Clifford De Souza, head of international business at Mitsubishi UFJ Securities Holdings, told the Financial Times that the bank wanted to plug product offering gaps in the US and Asia in particular. 'We see opportunities now, they are selective, and we will hire against them', De Souza said in an interview.
Finally, the newspaper reports that Europe’s fund managers are facing a ban on bonuses that exceed salary as the European parliament pushes for the extension of its severe pay clampdown on bankers to the wider financial sector.
The parliament’s draft negotiating position, seen by the Financial Times, would enforce a maximum 1:1 ratio of bonus to salary and requires up to 60% of the variable element to be deferred and largely paid in units of the fund the manager runs.
HSBC set to cut thousands more jobs (subscriber content)
MUFG starts recruitment spree (subscriber content)
EU set to widen bonus clampdown (subscriber content)
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