LONDON: HSBC Holdings Plc’s global banking unit will raise fixed pay for junior investment bankers in key hubs and hire more of them to share the workload, becoming the latest global firm to take steps to address burnout among staff.
The lender will also shorten a four-year associate programme for certain groups in hub locations, including Hong Kong, London and the United States, according to an internal memo seen by Bloomberg News.
Associates with three years experience will now be considered for promotion to vice- president, or associate director, the memo said.
The work-till-you-drop culture of global finance has come to the fore in recent months as Covid-19 has emptied office towers in New York, London and beyond and the industry experiences one of its busiest years in memory.
A recent internal presentation by junior analysts at Goldman Sachs Group Inc on their workload set Wall Street abuzz when the document found its way onto the Internet while a LinkedIn post from an HSBC contractor about his experience in having a heart attack went viral. —Bloomberg