Inevitably, HSBC's salary increases were not overly generous

As you will know, HSBC has increased its salaries. As you may not know, it has backdated the increases to July. This backdating is fortunate because a) HSBC is part of the pact to pay lower bonuses, and b) its salaries are still a lot smaller than anyone else's.

HSBC isn't commenting on the extent of the increases.

However, we understand that, as of now, HSBC investment bankers (front office only) can expect to earn the following in fixed pay:

Associates: 70-90k

Associate directors: 100-120k

Directors: 120-150k

Managing directors: 150-200k

Given that some managing directors (if they're also heads of divisions) are now collecting salaries of 500k in US banks, and given that the average MD salary is now in the region of 250k, HSBC's updated remuneration system looks comparatively stingy at the top end.

At a junior level, however, HSBC appears to be more competitive in terms of compensation. Associates at the bank have had their pay inflated by 30% and are now paid on a par with those elsewhere.

Conclusion: if money is your main motivation, join HSBC as a junior; leave within a few years.