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HSBC is paying salaries like a Wall Street bank now

It's not just bonuses that have risen at HSBC recently. Sources at the bank say salaries have been hiked too.

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Multiple sources at HSBC say the bank increased salaries for people in its US investment banking team by around 10%. HSBC declined to comment, but first year analysts are now thought to be $110k compared to $100k previously, with similar increases made all the way up the banking hierarchy.

The salary rises bring HSBC in line with the likes of Goldman Sachs, Bank of America and JPMorgan, all of which increased first year analyst salaries to $110k over a year ago. 

The salary rises follow a strong bonus season, with HSBC's bonus pool at its highest level since 2013 and spending on bonuses for senior peope deemed material risk-takers up 6.5% year-on-year to $772k each.

While HSBC is increasing salaries in America, it has shown signs of cutting salaries in London. Last March, the bank cut salaries for newly promoted managing directors by 25% to reflect the lifting of the bonus cap. 

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AUTHORSarah Butcher Global Editor

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