Newspaper article The Evening Standard (London, England)

Strike Threat as Bank Hits Record Profit

Newspaper article The Evening Standard (London, England)

Strike Threat as Bank Hits Record Profit

Article excerpt

STAFF at HSBC are ready to strike over pay as the firm looks set to make almost [pounds sterling]10 billion - the biggest ever profit by a British-based company.

The bank is expected to unveil profits of up to [pounds sterling]9.7 billion - equivalent to [pounds sterling]1.1 million an hour or [pounds sterling]18,455 a minute - and trump the [pounds sterling]9.4 billion announced earlier this month by oil group Shell.

But 2,500 staff will not get a pay rise and another 10,000 are set to receive below inflation increases, according to the Amicus union.

Long-serving staff also face losing up to [pounds sterling]2,000 a year due to changes to a bonus scheme.

Amicus chief Rob O'Neill said: "Some staff face the double whammy of no pay rise and seeing their bonus cut at a time when the bank is making more money than ever. …

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