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Monday, December 02, 2019, 12:06
HSBC gives Hong Kong staff extra day off for 'perseverance'
By Bloomberg
Monday, December 02, 2019, 12:06 By Bloomberg

The headquarters of HSBC is seen in Hong Kong on Thursday, July 25, 2019. (PAUL YEUNG / BLOOMBERG)

HSBC Holdings Plc is giving its Hong Kong employees an extra day off next year in a gesture of encouragement as six months of protracted protests stemming form the extradition bill incident have roiled the financial hub.

The move was announced in a memo to staff on Monday by Diana Cesar, the bank’s local chief executive.

Thanks to your perseverance and dedication, HSBC has been able to sustain our operation and stand by our customers in these unprecedented circumstance.

Diana Cesar, Local chief executive, HSBC Holdings Plc

“Thanks to your perseverance and dedication, HSBC has been able to sustain our operation and stand by our customers in these unprecedented circumstance,” Cesar said in the memo obtained by Bloomberg.

The memo was confirmed by Maggie Cheung, a bank spokeswoman. It was earlier reported by the Hong Kong Economic Times.

HSBC, which employs about 21,000 of people in the city, makes around 90 percent of its profit in Asia. Hong Kong’s trade-dependent economy has been pushed into recession this year as unrest in the city closed businesses and kept tourists away at a time when output was already slowing due to weaker global demand.

ALSO READ: Banks urge Hong Kong staff to watch family, be safe

Separately, Apple Daily reported on Monday that HSBC Hong Kong is planning to freeze salaries for its top executives next year amid pressure from trade tension and the protests. The lender has completed compensation reviews for next year and submitted the plan to parent HSBC Holdings for approval, Apple Daily reported, citing an unidentified source.

Senior staff, including managers and chief executives will be given a salary freeze, while junior staff of band four to eight will have a “minimal” pay increase rise, Apple Daily said.

Cheung said the bank doesn’t comment on “rumors.”

“As always, our reward decisions are based on employee performance and behavior, taking into account local market considerations,” she said.

ALSO READ: HSBC calls for peaceful ways to resolve HK issues

The bank in its third-quarter report credited its operations in Asia with holding up earnings even amid challenges in the region and the turmoil in Hong Kong. Its adjusted pretax profit in Hong Kong rose 1 percent to US$3 billion, but the lender also flagged a charge of US$90 million to reflect a deteriorating outlook in the city, where small- and medium-sized businesses are suffering the most.


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