HSBC to Cull Underperformers as Some Bankers Face Zero Bonuses

HSBC Holdings Plc is preparing to hand some bankers little or zero bonuses as the 160-year-old British lender seeks to emulate its Wall Street rivals with a more hard-edged, “eat-what-you-kill” stance.

The bank plans to encourage underperforming staff in divisions including investment banking and wealth management to depart following bonus payouts in the coming weeks, according to people familiar with the matter. This will also include those at managing director levels, some of the people said and added that no final decisions have been made.

Georges Elhedery

Photographer: Jose Sarmento Matos/Bloomberg

Such a move is aligned with the vision of Chief Executive Officer Georges Elhedery ...