HSBC is proposing to raise the normal retirement age for its 58,000 UK staff to 65 from 60 and ask a third of employees to contribute to their final salary scheme. This comes only days after HSBC Plc approved much larger bonuses for executives. While the two may not even be related the timing makes HSBC look bad – as if they need any help at that. Look for reduced bonuses in the United States to follow. This appears to be a final attack to support upper executives at the expense of others. Watch for some of these executives to retire within three years, with full pockets and great lifelong benefits.
Our readers will remember that HSBC Finance is a pay for performance company. Many are rewarded while others are considered non-performers. The structure puts the customer at risk while enticing employees to upsell useless and needless additions to risky loans. Unpaid overtime was recently an issue. One’s conscience and sense of right and wrong is another. Mark my words – after HSBC Plc gets what they want in England they will look long and hard at United States employees. The economics are right, the stress levels are perfect, and if one wants a job they will go along with new HSBC salary demands.
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