Proactive Investors - HSBC Holdings PLC (LON:HSBA) is reducing the number of new hirings and asking investment bankers to cut down on travel and entertainment expenses as it looks to cut costs.
Departing boss Noel Quinn has launched a range of cost-saving measures including not replacing staff who have left or resigned in recent months.
Some areas of the business have been told to freeze hiring altogether, although this isn't expected to impact those working in client-facing roles.
Meanwhile, investment bankers have been told to organise at least three meetings with clients to make travel expenses worthwhile.
“Servicing our clients is our priority and ensuring we have the right people in the right places,” HSBC said in a statement.
"We are working smarter and more efficiently as we leverage technology and continue to manage costs.”