HSBC to phase out fixed salaries from 2028

HSBC Bank has announced that it will gradually eliminate fixed allowances provided to employees starting January 2028. This decision follows regulatory changes in the United Kingdom that removed the cap on the ratio of variable pay to fixed pay, allowing for a greater share of bonuses within total compensation. It is to be noted that base salaries will remain unaffected, and the link between overall wages and performance will be strengthened, aiming to improve talent attraction and better recognition of results. This move is part of the bank's broader efforts to restructure its operations under the leadership of CEO George Al-Hadidi.

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