Lender freezes wages, hiring

HSBC has announced a freeze on global wage increases and hiring as the bank tries to cut expenses. The lender, which is headquartered in London currently but is considering a move; Hong Kong being most likely but Canada has also been tabled as an option; emailed staff Friday to break the news according to the Globe and Mail. Data from McVay & Associates puts HSBC as the 8th largest mortgage lender in Canada by market share (2015 figures) excluding non-OSFI lenders and HELOCs.

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