Exclusive: shock after HSBC orders staff to take 10% pay cut

All HSBC contractors in the  global banking and markets division have been hit by the move 
All HSBC contractors in the global banking and markets division have been hit by the move 
ANTHONY DEVLIN/PA

Hundreds of workers at HSBC’s investment banking division in London have had their pay cut by 10 per cent and been ordered to take two weeks of unpaid leave by the end of the year, The Times has learnt.

The bank, which is under intense pressure to reduce costs, broke the news to staff last week and instructed managers that there would be “0 per cent exceptions”.

The policy has been applied to all contract workers in the global banking and markets division, some of whom have worked full time for years and are on PAYE contracts.

It is understood to affect financial analysts and others in core parts of the bank as well as IT workers, some of whom are more used to the